Everyone goes through a feeling “Hey, I have this great idea and I think it can serve well”. The feeling is so seductive which makes us totally psyched about the business idea. Takes our sleep off. Few sips of coffee, paper notes and we’re all set to go back to bed thinking to spring into action tomorrow. It could be a new digital product or a disruptive app, the mind always thinks that it will set the world on fire. That’s the hallucinogenic effect. It will end up burning time and cash. Let’s get into a serious frame of mind to avoid pain down the road.
‘It’s Great’ Business idea is an Uncool Feeling
If you think the business idea is great, that’s the first myth you need to unload. It will yield some friction in frustration but you will soon realize the problem is bigger than what it just looks like. Think out loud: you want to build the product or a technology-based solution that solves a problem. Don’t define the problem alone. That makes to loose on one of the most important aspects: The bigger set of the audience facing the same problem.
The belief that tempts us to build the product as soon as the idea strikes us is that we tend to think that if we’re annoyed with something, then everyone else must be, too. Remember, people are unique and they have own justification for the solution they would want for a problem. What you think is a problem, could be a non-issue for others. You just never know.
The entrepreneur has become a very hot buzzword these days. Achieving milestones, Chasing the dreams and building something that may be the next-big-thing of tomorrow, are some of the key highlights of the entrepreneur in the process. But instead of directly chasing the idea, focus on user and market research. Avoid getting into a self-design trap and ends up costing. There is a thin difference between how an entrepreneur and a wantrepreneur foresee the idea.
Business Idea Should treat the Audience as king
In fact, to quote an example, Angry Birds, the incredibly popular game, was software maker Rovio’s 52nd attempt. It took them 8 years and nearly went bankrupt before finally creating one of the best mobile games. The point of the highlight is, talking to people who think will want, need and love the product is an ideal route. This has to be done during the early days of the product to avoid issues later.
Finding the right kind of people who match your chalked outline of the product, could be a perfect fit for this menu.
Like if you are building an android app for kind, talking just to ‘parents’ is not a great idea. You need the sample data of a set of users of different age groups and also other factors such as usage patterns, type of phones they use and their versions, frequency and other important data set that might reflect into your case study.
Now, that doesn’t mean you end up wasting major chunk of time talking to people about your potential product or survey limitless groups but frame the sample data set in a way that supports your study. Make the early-stage research sure enough that helps your chalked product path into a minimal viable product.
Raising Money V/s Building Money
If your mind is thinking just about “Growing money”, the idea is doomed before it actually starts. Even if you manage to get to a point, but it won’t be long-lasting. Money is important, but not more than the solution to the problem you are providing. There is no secret sauce, but to get started. If you don’t act on your idea today, you might be outplayed by someone.
Focus on core components of the idea than the fluffy things that might yield you fame but not growth. Perhaps, focus on becoming more aware of the opportunities around and pursue them.
Image Credit: Markus Spiske
At Androcid, we build many native apps. If you are looking for building your own apps, check Androcid. We are a premier mobile application engineering company based out of the sunny state of India, Goa. We were one of the awardees of the Goa State Chief Minister Award. You could reach out to me here.