How can I make my idea a success?
Is there a need for my idea?
In the early stages, there are three key questions you should ask yourself to determine whether you have a solid basis for taking your idea forward:
1. Does your idea solve a real problem?
Is there a market for your idea? Does it solve a real problem, and is anyone willing to pay for the solution?
Until you have confirmed that there is a genuine need for your solution, you can only assume that a market exists.
A good place to start is by asking the people around you questions:
- Is this a problem for you?
- How do you solve it today?
- How would you like it to be solved?
2. Do you know your customers?
Once you have confirmed that there is a need for your idea, you need to find out whether there is a viable market.
- Who do you think your customers are?
- What is important to them?
- Are there enough of them?
- What are they willing to pay?
Once you have an idea of who your customers are, you should reach out to people in your target group and talk to them to test your hypotheses.
3. Do you stand out from your competitors?
There may be many products that meet the same need as your solution.
- Do you know who your competitors are?
- Why should customers choose your solution over what is already available on the market?
Consider what makes your solution unique and how it differs from existing offerings.
You need to clearly explain what gives you a competitive advantage.
How do I get my first customer?
Testing in the market allows you to adjust your product or service as you go.
It is important to test your product with a group of people early on, so you avoid spending too much time and resources developing a solution you only think the customer wants.
1. Do you have a working prototype?
An early version of your product or service should contain only what your customer needs to understand your idea. This minimum solution is called an MVP (Minimum Viable Product).
An MVP allows you to learn about your customers’ needs and preferences at an early stage, without taking on too much risk.
2. Is anyone willing to be a test customer?
At this point, you should have a clear idea of the target audience for your product or service. Use test customers to find out how your target audience responds to your solution. This will help you quickly identify weaknesses and potential improvements.
3. Are you developing your idea further based on the feedback?
Prototypes and test customers will give you valuable input directly from potential customers on how to improve and adapt your idea. Use their feedback, make changes and repeat the process until you are ready to launch in a larger market.
Who should I build my business with?
Experience shows that entrepreneurs with a strong team around them are more likely to succeed.
1. Do you know what kind of expertise you need?
To turn your idea into a viable business, you will probably need skills and experience that you do not have yourself.
Having the best product in the world is not enough if you cannot get it to your customers. While the make-up of a good team will vary, two needs in particular come up time and again:
- Finance
- Sales and marketing
2. Do you have a well-rounded team?
A diverse team is generally better equipped to develop solutions that meet customer needs. Differences in gender, age, expertise and cultural background generate more ideas and increase your chances of success.
3. Do you know where to find the right people?
Many entrepreneurs start a business with friends, fellow students or other people they know. This can feel reassuring, but it may not be what the company needs to become more innovative, create greater value and succeed internationally.
In addition to your formal team, make active use of your own network, the company’s board, investors and others who can offer valuable advice and act as sounding boards.
How do I secure funding?
You have a good idea, a solid team and you know there is a market for your product or service.
Perhaps you already need more funding? With capital, investors and 'smart money', you have a strong foundation for success.
1. Do you have enough capital to turn your idea into reality?
It is a long journey from an idea to a finished product or service, and gaining traction in the market can take time.
During this period, you and your team will need funding for development, production, marketing and salaries. You will probably need help from others to finance your idea.
2. Do you know how to secure funding?
You can raise capital from family and friends, banks, investors, public funding schemes or crowdfunding. Whoever you approach, you need to sell your idea.
You need to create a presentation – a pitch – that explains your idea, your team, the market and the opportunities.
3. Do you have access to ‘smart money’?
There are various sources of funding, and the terms they offer will vary.
Money does not come for free, and investors will expect something in return. They will have a say in how you develop your company, so it is important that you are on the same wavelength.
'Smart money' is capital from investors who not only believe in your idea, but also have the expertise and networks to help your business move forward.
It is important to have the right investors on board – investors with the ability and commitment to support you throughout the journey and contribute expertise, networks and capital across multiple funding rounds.