Have you ever had a mindblowing business idea? We bet you have. Almost everyone has been there at some point. In our line of work, we also encounter more or less interesting ideas and thoughts almost every day. They come out of nowhere and can disappear in much the same way. So how do you figure out which ones are viable? What makes the difference between success and failure? What pitfalls should you watch out for? And how do you go about creating a working product or service from scratch?
We know a little something about that, so we decided to share our knowledge with you in this e-book. We have every confidence that you will find inspiration here as well as answers to your questions about business ideas and their life cycle.
How do ideas originate? One's own experience or an unmet need and the effort to come up with a better solution to one's own problem is often the driving force. You probably will not find out right away whether the idea is functional and has business potential. However, the following steps can help you a lot.
Zoom in on your idea
“The first thing we recommend doing is using Lean Canvas. People often immediately focus on execution as opposed to solving a problem.” Jan Minárik
You have an idea. Now what? Examine it thoroughly. Divide it into smaller parts, look at them closely and from different angles. Focus on the cause of the problem, not just dealing with its consequences. A number of tools can help to quickly and easily guide you to the questions you need to answer before you move forward. For example, Value Proposition Canvas and the follow-up Lean Canvas.
We like Lean Canvas because it is an easy-to-understand guide that walks you through the next steps, such as defining the problem users have, its possible solution (your product or service) or key metrics. This detailed (but not complex) business plan will help you organize your ideas, possibilities and goals.
The classic SWOT analysis is another important tool. This helps you analyze the strengths and weaknesses of you and your team. You figure out what skills are key to a successful implementation of your idea, what you can do yourself and what you need help with. Thanks to this analysis, you can put together a capable and effective team.