You need no more than an idea to build a startup around
it. However, your idea must be something new that has not yet appeared in this
form in the market where you want to introduce your product or service. It
requires you to go through different stages where you will shape your idea
until it becomes something marketable.
The following steps are an excellent way to do so:
- Market Research
Most startups fail because they simply do not assess market needs and consumer opinions. Avoid making the same mistake. It is vital that your idea is marketable because that is the only way to ensure the demand for it. At this stage, you need to map the needs of the target market who you want to sell your product or service to.
The refining of ideas begins with using the knowledge gathered in the market research phase. Its purpose is to decide how to meet consumer needs within a particular concept. Unique and extreme needs are not to be taken as a general rule, you should much rather focus on the frequent problems and implement their solutions when developing your idea.
If you have managed to move forward with your idea, it should definitely be tested under real conditions and with real consumers. This is perhaps the most critical phase when it is decided whether an idea is marketable in its current form or whether further refinement is needed. In the case of the latter, you have to return to the previous phase and revise. If the idea seems marketable, the concept can be raised to a new level and you can enter the last stage.
4. Set Up Your Enterprise!
If you have persevered until this stage, all you have
to do is make your idea work in the future. You can start your business,
however, you are not done yet. Along the way while you are shaping your idea,
you should keep in mind that reliable and active partners are key for success.
We suggest you gathering these stakeholders around you in order to ensure your
success in the future. Considerable partners:
– Investors – financial support
– Industry partners – cooperation
– Project managers, tender writers, etc. –