Business Idea: We, the netizens, have embraced the digital revolution wholeheartedly. This is the era of tech startups, it has been established.
The global technology landscape is becoming increasingly disrupted, and on an unprecedented scale. But the issue remains: how will it transform corporate operations, and what will be the next step?
Being ahead of the game is an advantage in today’s fast-paced environment. But what if the same is true of your game-changing idea? Is it a good thing if your brilliant business ideas are a decade ahead of their time?
Yes, it is valid. So, take a chance, delve deep, and figure out what problems you’re trying to solve.
Don’t dismiss an idea just because it lacks technology or is decades ahead of its time. You should seek alternate and accessible solutions to the problem in order to maximise the value of your entrepreneur concept.
What should you do with a business idea?
What is the true definition of innovation? Isn’t it a game-changing concept, something that has never been done before? Something fresh, hard, and worthwhile.
An innovator sees the future. That future may or may not be in tune with reality, but you must be driven and passionate enough to enact change.
1. User Research
It’s critical to understand who your target audience is and what they’re up to. It’s critical to conduct a thorough user analysis. The data you collect from users, as well as their critical insights, can help you improve your product.
Detailed analysis aids in discovering the correct product-market fit, whether it’s designing personas to identify user attributes and behavior or user journey mapping to study how a user would engage with your product.
2. Think ahead of the competition
It’s just as crucial to analyze the competition. Identifying competitors and assessing their strategies to establish strengths and weaknesses gives a strategic framework and aids in the discovery of new prospects.
Outthinking the competition and defining your unique value offer becomes much easier when you understand the competitive landscape.
3. Create a Working Prototype
How do you ensure that your creative concept has a shot in the marketplace? It’s a waste of time, money, and effort to create a full-fledged product that no one seems to care about.
When it comes to creating a successful product, validated learning is always the best option. Building a minimal first product that focuses solely on “need to have” features and saves the “nice to have” features for later is a good concept.
4. Test with real people
At the very least, you’ll need five consumers to get started. Getting the first five consumers will be a piece of cake if your idea is brilliant and sparks user attention. Business Idea However, if you can’t locate five people who are interested in your idea, it’s time to reassess it.
Validating with real people will assist you figure out if you’re on the right route. Pay attention to what your customers say, what they do, and how they connect with your product.
5, Make a Pivot
“Founders who change products and markets between one and three times raise more money than those who do not,” according to the Startup Genome Compass of San Francisco, which monitors over 13,000 Internet start-ups.
It’s not always the case that what you believe is a brilliant concept will succeed. Many well-known brands and successful enterprises began with one idea, but after they established their niche, they shifted to something quite different.
- There are numerous examples of businesses that have shifted their focus and had tremendous success as a result.
1. Twitter
The metamorphosis of Odeo into Twitter is the most talked-about shift in the world of social media. Odeo started out as a network where users could listen to and browse podcasts. After taking over the podcast business, iTunes decided to take a different approach.
They decide to make a significant shift after two weeks of brainstorming new ideas. They took the concept of a status updating microblogging platform, which we now know as Twitter and ran with it.
2. Pinterest
Pinterest, the popular “pinning” social network, sprang from “Tote,” a platform where users could shop and browse from their favorite stores and get notified when things were on sale.
The tote was losing money on the shopping front at the time since mobile app payments weren’t as convenient.
Tote users were most interested in forming ‘collections’ of their favorite products and sharing them with their friends, so the developers tapped into a newfound possibility.
Pinterest now has over 291 million monthly active users around the world, indicating that this pivot was a big success. “An unmet need, and obviously a significant opportunity,” the Tote-to-Pinterest shift has been described as a “iterative” one, a direct extension of what was learned from the original firm.
3. Instagram
Instagram is currently one of the most popular social media platforms. This photo and video sharing app is used by one billion people.
However, Instagram originated as Burbn, a check-in app with photo uploading features, some gaming aspects, and the ability to earn points.
Burbn had become too cluttered, so its developers pivot, removing all features and focusing on only one: photo sharing, which allowed users to publish, comment, and like photos. Making Instagram a clean and straightforward visual platform helped it stand out.
- So, what exactly is the big idea?
The startup environment has grown dramatically in the previous decade, and the digital landscape has advanced at a breakneck pace. Blockchain, artificial intelligence, and virtual reality are transforming not only the terrain but also how we connect and go about our daily lives.
The main concept is to START, REMAIN LEAN, and BUILD AGILE. Early pivoting and frequent iteration is key. A concept that is ten years ahead of its time can be a fantastic thing. It allows you to act as a disruptor.
And if you start something and it doesn’t work out, leveraging other elements, modifying here and there, and pivoting can help you get a long way.
Read More: TOP BUSINESS IDEAS FOR THE YEAR 2021!
