Idea Analysis & Viability
For starting any business first and foremost is a viable idea, any interested person can have many ideas of great value and requires a screening process for getting a viable idea, and the viable idea can convert into an actual business model.
Primarily idea analysis is important at a very early
stage, so that going ahead with the sound idea for the business and calculated
risk. Idea analysis at the primary stage
avoids the wastage of efforts taken on experimenting with too many ideas which
over time marks as scarps.
Idea analysis at the preliminary stage will save our
efforts in terms of money and time, invested in ideas that won’t work. We know
that ideas may be just lines or descriptions but they have huge meanings inside
which are hidden and need to explore which is nothing but Idea analysis. Idea
Analysis will give us several findings at the initial stage about a particular
idea like – as how to make it innovative, how it can solve the problem, how
much initial investment is required, how much time it will take to project in
the market, SWOT, etc. following are some steps to identify that selected idea is
viable or requires rework over it.
Idea Viability Steps -
1. Problem
Solution -
Any idea will
not be viable until it clearly speaks about – what kind of problem this
innovative idea is going to solve.
2. Merits of Offered Idea –
Going ahead with the idea we should gather the benefits of our idea, so
that investors, interested parties, or future customers can clearly understand
why to buy this idea or products manufactured from this idea. Try to identify
the target class from the society which includes – gender, income group, age
group, etc., this will help you to reach targeted customers.
The easiest way to evaluate your business idea is to
visit the target customers take quick reviews about the idea, and share the
benefits of the idea and problems which will be solved by this idea. To collect
customer feedback samples, you can visit different trade fairs, events,
customer meets, and existing customers. Once you receive all the relevant feedback
about your product, you can design a sample product or prototype of your idea,
so that you can get orders for your product.
3. Present Competition for your Idea –
Find out if any similar kind of idea or product is present in the Market, if yes find out similarities, and try to offer something different and unique to the market. Find out the competitor’s strategies to attract customers, find out the competitor’s target audience, and their consumption pattern.
4. Cost Estimation of your idea
Find out the overall cost involved to manufacture the prototype or launch the idea to the market, and find out whether it requires any support facilities, whether we need any vendor or subcontractors for subcontracting the manufacturing of the product or prototype, funding requirements, find out theoretical break-even point and all other aspects which give you a clear awareness about viability of the idea.
Once the prototype is finalized and released to the market find out how
much the customer can pay for your idea or prototype. If your idea is working,
and getting orders then, no need to do rework just refine this as per the
customer’s needs and expectations. If you are getting pre-orders then it’s
moving one step toward idea viability, and you can get more and more orders if
your customers are liking the idea, product, or prototype.
Mentors for Experience Sharing -
As everyone has
unique points and skills as a part of his / her personality, you should be able
to identify what are your skills and where need help accordingly you can find an
advisor or mentor who is working in a similar field, he/she can share his thought
and experience with you, which will help you a lot to make your idea viable and
marketable
Mark Your valuable feedback click the link - https://forms.gle/zKu4Q8b5TPs5Dasa7
Comments
Post a Comment