4 Things To Do Once You Have THE IDEA

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Whether you are a freshly graduated or an experienced 35-year-old professional, the excitement and fear of starting something afresh is a rush that no adventure sport can provide you. Here are the few things that you should keep in mind right after you have gotten your ‘Eureka’ moment-

1. TALK IT OUT

When your business ideas have potential, you shouldn’t keep them to yourself! Share it with friends who see the potential in you. It would be a cherry on top of the person advising you as your target customer.

  • Would you buy/pay for the product/services?
  • Do you think I can get enough funding?

2. DO YOUR RESEARCH

The next important thing to do is research. You need to find your competition and look for ways to stay ahead of them. Research plays a crucial role in executing all these tasks. This is how every business figures out what works and what doesn’t in the market. You want to learn from mistakes others made and get an edge.
There are times when the result of the market research might not be in your favor and force you to rethink your original idea. In any case, research is the most critical step which must not be ignored.

3. DRAFT A BUSINESS PLAN

Developing a business plan is a crucial step in launching a new business. Business plans help you straighten out your business’s fundamentals and core components before you plan the big launch.
While charting out a plan, you need to understand that the investors need to know and understand your story, underlying goals, both financial and operational, and if you have a plan for the business.

4. BUILD A PROTOTYPE

Prototype, in simple words, is a reality check, and it allows you to see if your idea is feasible or not.
It can help you understand what to expect when your actual business is out there. Like market research, it gives you all the cautions beforehand to prepare for the real deal. Create a blog, discuss your products and, ask for reviews, build a following. The goal of creating a prototype is to know whether or not people will invest in your product/services. It’s all about bringing your business vision to reality to see if it will resonate with real consumers.

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Raj Shamani

Raj Shamani

200+Speeches in 26+Countries on Financial Freedom Investor: Startups, Stocks & Crypto