In our previous article we discussed about getting or developing a business idea. Now, that you have an idea in place, you have to validate this idea with proper research, execution and implementation. Currently India is witnessing a brand new generation of entrepreneurs, making their presence not only in India but at the global level.
“An idea can only become a reality once it is broken down into organized, actionable elements” – Scott Belskey
Once you have decided the idea, do research about the market in which you want to launch the product or service, about the competitors, investment required for the venture etc. You can divide your research into two primary and secondary. Primary research can be going out and finding out details yourself. This could be through online or offline surveys. Online surveys can be quite cheap you can put a questionnaires online platform like Facebook, Google or LinkedIn etc. Secondary research or third-party research is information already available on public platform. You can do an effective research by yourself, we would suggest give personal visit to the market in which you are going to enter so that you can identify the market by yourself. On online portal data are available but that might lack practical aspect which are necessary for you to evaluate the market.
Nowadays, due to digitalization all information are available at your fingertips. You have to validate your idea with numbers. Write down your plan in a piece of paper then you will be in a better position to evaluate the circumstances. This will help in your evaluating that whether your idea will generate the demand or revenue in the market.
You have to evaluate that whether customers will be willing to pay for your product or service. Remember the customer don’t care about your business, they care about their problem, be the solution to their problem. You have to give reason to your customer to choose your business over the other competitors in the market. The reason can be anything like discount, sale services, quality of the product, new technology etc. I would like to quote e.g. of JIO 4G. It has launched 4G internet service for free, so that people has started using their internet services along with their phone and SIM card. They have provided these services at such a low cost which are suitable to any person and grab the huge market share.
Starting a small business takes a lot more than a great idea. It takes passion, commitment and willingness in pursuit of your dreams. It’s not the idea, but how it has been presented makes the money. Establishing a venture requires spotting an opportunity and chasing it with guts, determination, lots of hard work and perseverance.
Doing business is an art and you are an artist. You can create your own masterpiece, believe in your instincts!!!
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