One of the biggest myths related to the entrepreneur is that to be an entrepreneur you had to find a solution to the problem that provides the value to the people. However, in reality, this is not totally correct. So in this article how you can hack your way to big business ideas.
There are various companies who don’t create anything new but still become a billion dollars company. They only find the loopholes in already available solution and come up with their new idea.
So if you are also thinking to start a company then this article can be very helpful for you. Follow the below points and then think of an idea. I am pretty sure that you will come up with more than one idea easily.
1. Search Markets with the Huge Potential
When any big company starts then he mainly focuses on three main core areas team, product and market. Now you might think about why market.
Because when the company starts with the large market then the chance of getting success will increase. Moreover, in the large market, you can also find which groups have the greatest spending power.
To find these groups you can use a design thinking approach. Firstly write all the things that come into your mind then, later on, sort the list and remove the less interesting ones.
As a large customer base is available so you can group them according to the age, the solution you provide or the other factors related to your product or service.
2. Consider the Chosen Market Biggest Pain Points
Once you group the market accordingly then the next step is to remove the pain point from your chosen market. Even if your market is not large then also there are some pain points which need to be removed.
Moreover, if your market is not deep and wide then you need a high-value product for which a smaller number of people have the willingness to pay.
You should think about how many customers you need to hit your revenue target and what an average amount each customer has to spend to complete this revenue target.
3. Talk with Your Potential Customers
When you know about the right market and its pain points then the next thing you should do is to talk to your potential customers. When you talk with the customers you will get more information about your market and how you can sell your product or service.
Moreover, if you have an idea in your mind then you can combine it with your customer’s question to know whether your idea will work or not. Also, consider what are the current solutions available to your problem or related to your idea.
When you consider all the above things you will get the potential customer insight and you can start working to provide a solution to them.
4. Think about Your Skillsets
Now you have identified the market, problem and customer. So now it is time to think about your skillsets. Determine whether you have the skills to create a solution for a required problem or not.
Moreover, determine the skill you have will play any role for your company or you need to learn new skills to find a solution. You can also hire a person with the skills to find a solution to that problem. But to do this you need an investment or you have to give them the share in your company.
5. Test the Final Product
Once you have the final product test it with the customer you are targeting. While testing check how they respond to the product do they love them or hate them or what are their views about the product.
You can use various methods to do this. You can either do a survey or run ads on social media to know about your audience views. Moreover, these tests will also help you to create your marketing strategy.
6. Iterate. Keep at it.
When you get the results of the test then rearrange your approach according to the feedback of your customers. Note how your customers respond to the product and what type of changes they allow you to do in your solution.
Also, find what changes they want. Once you determine these two things do the testing again. If all goes well you can think of working on this plan for the long term. Otherwise, leave that plan and follow all the above steps again to find a new idea.
7. Create Your Story
If the entire thing goes properly for you then the time is come to market your final product and get it ready for your customers.
This is the time when you had to create a compelling company for your product or service. It is time when you need to start talking about why this market is perfect to capture, why the team fits and how you have identified the problem and find the right solution for the problem.
I hope guys this article is helpful for you. If you find this article worth reading, then don’t forget to share this with your friends.