How To Make Your Ideas Work. Part 3

Are you set to hit the market? Continuation of How to make your ideas work . Part 2

How do you even know you are ready for the market?

I think I have dealt with that to a very large extent in parts one and part two. Consider going through them, especially if you are not sure you are ready for the marketplace.

A valid business idea backed up with a good feasibility report and a structured business plan makes up your readiness for the marketplace. But that isn’t all…

In this part, which is invariably the last one; I will be focusing on the last two steps (from four) to make your ideas work:

1. Validation
2. Planning
3. Strategy Development
4. Execution

Can You Sell Just An Idea?

Furthermore, you cannot sell a concept that you do not own. The only real option is to get a patent, but that may require creating a prototype that incorporates the idea, which you might not be ready to do in order to make a sale.

How Do You Turn Your Ideas Into Action?

Once you’ve chosen whatever idea(s) to put into practice and have a strategy, you must carve out the necessary time to make it happen! Getting focused entails making the time and space necessary to bring the concept to life. The concept stage must be followed by action. Put all of your efforts into achieving that.

What Makes an Idea Successful?

A concept that has the potential to succeed and is subsequently put into practice utilizing a tried-and-true procedure is said to be successful.

Can You Sell Just An Idea to a Company?

How can you help? You can sell your business concept to large corporations or investors who will pay you upfront before you launch the product. This type of business strategy is known as licensing.

Can I Sell My Idea to Google?

If you have a suggestion for a Google Workspace product, you can post it in the community for feature suggestions.

Business Strategy Development

Business strategy is a vital factor in the success of any business. While businesses with great strategies lead the market, others without strategies struggle. In other words, some of a company’s problems stem from a lack of business strategy.

Some businesses have business strategies, but they are failing strategies. A good business strategy is such that it is guided by the following:

1. Time: Times are changing. What works 50 years ago, might not work now. Even if it does, the results will differ. You are to build your strategies around the current time and season in relation to the trends.
2. Resources: Your business plan says that you would employ over 25 staff, but by your start-up resources you can only get 5. What do you do? It’s simple, develop a strategy that allows you to employ the first five and grow gradually into 25. Do not develop strategies outside of your resources – They don’t work and end up frustrating you as a startup.
3. Market: You wouldn’t want to start a business that doesn’t have a market. Neither would you want to have a product that nobody is willing to buy? Therefore, in the process of making your ideas work, consider the market in developing a strategy. What they want is key – even when they don’t know they need it.

Your business strategy finds expression in your day-to-day activities. It is expressed in the processes by which you produce, market, distribute, and operate in general. Therefore, I will talk about three key areas in developing strategies:

1. Operational Strategy – How day-to-day activity will be conducted in your business.
2. Marketing Strategy – How do you intend to tell people about what you do? Dependent on your target market, you can develop whatever strategy suits your business.
3. Distribution Strategy – Now they want to buy, how does it get to them?

Now, you are ready for the last phase – make your idea work!

Execution

Everything I have outlined in this series may be a total waste of time if you are not ready to execute. I do not want you to read through these posts like you have read other books or posts. Get to work!

Launch out: I will suggest that, in launching out, you don’t mass produce if you are not sure of the acceptability. Don’t mass produce, if you don’t know how your product or service would be considered. Therefore, I suggest you try out “freemium,” – Giving your premium product for free or almost free. This would help you confirm the acceptability in the marketplace.

Why is An Idea So Powerful?

Something intangible can also be produced from an idea. something that is invisible and untouchable. An idea can give rise to a concept, theory, technique, philosophy, process, and many other things. More ideas are generated when one is created.

What Makes An Idea Creative?

The concepts that struck the perfect balance between novelty and familiarity were those that were deemed to be the most inventive. According to Toubia, there must be a twist if an idea is to be perceived as novel and intriguing.

Conclusion

Get the idea out of your head, research, come up with your analysis to validate your ideas, plan, draw strategies and get down to work. This is a summary of how to make your idea truly work.

I am not far away, you can ask your questions here and I will answer or connect with me on social media.

Cheers to your success.

Related Articles

1. How to make your idea work. Part 1
2. How to make your ideas work. Part 2
3. Market Talent – Fintech & Banking Recruitment Agency
4. ECN: (Electronic Communication Network) Definition & All You Need

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