How to come up with the next Billion-dollar Idea and validate it
Achieving success in the entrepreneurial world isn’t a mystery, it’s just a long and back- breaking journey . For the entrepreneurs ,the first step is coming up with a game-changing idea . And that’s where most of the founders get stuck here.
Ideas are everywhere and everyone has an idea to start a business but the problem is, does your idea really gonna workout and fit to the present era market ?
Before you validate the idea. Firstly, we need to know that, how to come up with a billion dollar idea …?
The best way to start is by looking your own problems and needs. Being your own customer helps you to figure out and helps you to define the proper hypothesis. Many entrepreneurs follow the A for B ideation theory .Applying the OYO , Uber , Groupon or any other successful startup model in a different market can help you to generate ideas for the problems which are worth solving in that particular space.
Good artists copy; Great artists steal.
-Pablo Picasso
Instead, start with the problem and let the customer and tests tell you by which model you can choose and go with it to approach the appropriate solution. As long as consumers have problems, they will always search for solutions.And fortunately for entrepreneurs, there are still lots of rooms for improvements in existing products. That said, the biggest issue for most founders is finding these painful problems and matching them with the best solutions possible.So, Focusing on building a must have not, and a nice to have product helps to build more attention from your customers .
The big companies like Google, Amazon and Uber builds the nice to have products like Google made search better , Amazon simplified the online buying and selling and Uber made the taxi services better. To grab your customer’s attention, start by solving their needs and wants.If you have been able to identify a crucial problem that you can effectively execute and deliver to market, you will be able to create a real business that matters.
VALIDATE YOUR STARTUP IDEA
As a founder, you can follow your vision. But as a businessman, you need to be single-eyed and create products that people want to buy.
Validating your business idea helps you identify whether your vision will succeed in target market in the real world or not. there are many different ways to test your idea before you launch your startup . the best three ways to validate your idea are
MARKET RESEARCH
Market research helps you to understand and find what’s happening in your potential market space by getting the information about who’s whom , what’s what and what not . you can understand n figure out who are your actual customers and competitors . your product value and fit in the market .
TALK TO YOUR POTENTIAL CUSTOMERS
By market research ,now you know who are your potential customers.so, its time to talk to them and deep dive about your product . By talking to your customers you can now know more about your market space also ,like does your customers really facing the problem that your are trying to solve and how critically they are facing it. Is there any current solutions that are solving the problem or not..? does your customers are ready to pay for your product and if yes , how much they would like to pay and so on . You get the as much of information as you need by talking to your customers.
LAUNCHING THE MVP TO BETA TESTERS
Beta-testers are a bunch of people who might be your potential customers with understanding that your product at current stage might not be at it’s best, but can solve the core problem with not the best experience. Building the MVP also benefits in a many ways such as fast development, cutting the development costs , testing your product in the real world n know real time genuine reviews and more over you will understand who are your loyal customers and what more or less your customers expecting from your product.