To carry out the creation of a business or company, we always need to start from the conception of an idea.
Now, unless you’re a technology genius, trying to reinvent the wheel is a huge waste of time. For most people who start a business, you just need to answer a simple question: “How can I do something better than what is already done?” or “How can I do it differently than someone else?”
An idea is an image or representation that remains in the mind, or intention to do something, ingenuity to dispose, invent and trace a thing. Many times the idea is not entirely new, but rather to improve or complement existing products or services. We have all had an apparently brilliant business idea at some time. Some arise from the observation of reality, others as a result of previous practices, or as improvements and innovations to other businesses, that is, they represent the fruit of experience.
Steps to produce an idea
- Take a sheet of paper and make a list of five to seven things that you like to do or do very well, such as: I get along with people, I like animals, I like to read, I like numbers and computers, I understand fashion. Just write whatever comes to your mind, even if it does not make sense.
- List things you are not good at or do not like doing. At this point it is important that you differentiate what you definitely “do not like” from the things for which you think you have no talent or “you’re not good”.
- With these lists in hand, ask yourself: “If I could ask for three to five products or services that would make my life better, what would they be?” Think of your life as a man, woman, father, husband, mother, wife, or whatever situation you find yourself in. Determine which products or services would make your life easier or happier, what would make you more productive or efficient, or what would leave you more free time.
- Next, ask yourself the same question about your professional life. Also examine what you like or dislike in your work life and what people like or do not like about you.
- Finally, answer the question: “why do you want to start a business?”.
When you’re done, look for a pattern in what you’ve written (for example: do you need a business that offers one of the things you like to do or are good at?).
Characteristics of a successful idea
There are no magic formulas to know if an idea will succeed, but successful businesses tend to present some of the following characteristics:
- The novelty: The originality. They operate in sectors of emerging or new activities, mainly those related to services and new technologies.
- People ask for it: They have a clear market orientation, circumstances have created that need. They are specialized in a specific sector of clients and offer an added value for the user that differentiates them from their competitors.
- Gives money: They are economically viable in the medium term, which allows them to generate sufficient resources to finance the growth of the company.
- Extra experience: They have a highly qualified human team committed to the project. Many investors prefer to bet on a “first class” team with a “second” idea than a less qualified team with a great idea.
- There is a winning plan: They start with detailed planning based on a market analysis; They have a business plan, marketing strategy and even a contingency plan that foresees the steps to follow if something goes wrong.
Let’s do it
Think about what you want to do. Once you have the idea, talk to several people to find out what they think about it. Question: “Would you buy or use this product or service and how much would you pay?” One of the most common warnings you will hear will be about the risk you run. Everyone will tell you that it is a risk to start a business.
And of course, it is; but what thing in life is not? Also, if you carefully consider what you are doing, you look for help when you need it and you never stop asking questions, you can reduce the risk. Analyze what you are really risking and evaluate the risk. What will you lose if things do not work? Do not risk what you can not afford. Do not risk your house, your family, or your health. If all you have to lose is a little time, energy and money, then probably the risk is worth it.