STARTING YOUR BUSINESS (Part 1)
MOMENT OF EUREKA
One of the most exciting parts of beginning a business is the moment of eureka, when you can confidently tell yourself “I have an awesome idea.” It’s a high that has no comparison. The moment when you’ve been racking your brain and turning ideas in your head over and over again until you finally found the way to make your idea work. However, in all that euphoria it can be a bit hard to remain realistic and not fall into some of these common pitfalls. Here’s some tips on how to identify and avoid these common mistakes.
1. Finding a Solution NOT a Problem
Many people are better at thinking of a product or service than they are at discerning actual problems people face. While a strong product is necessary to succeed, you have to be sure that people actually want your product. It might be the coolest gadget ever invented but if no one actually wants to buy your product all your time and efforts will be wasted. It’s much easier to manipulate an idea for a solution to solve a problem that people actually have than try to make a problem fit the solution that you’re proposing. When developing a solution, you always have to put the client first; what do they want and need?
2. Thinking of yourself as the client
Another common mistake many new entrepreneurs is thinking that if they want something so will everyone else. While your personal experience is a great place to start looking for inspiration, it’s not a surefire way to predict what the general public will also want to buy this product. If you’re like my mom, it’ll drive you crazy when frames aren’t straight and she would probably think that a more precise tool would be awesome because she could spend hours making sure that her frames are 100% straight. But I (and the rest of the world) am of the opinion that a level or one of those apps that they have for your phone work well enough. So, you have to be sure that people agree with you so you don’t develop a solution that solves a problem for you, but no one else.
3. Not testing your idea
Maybe you’re thinking “hey I’ve found a problem that people actually have and for which they want a solution, and I’ve come up with that solution. I’m all set” Hold your horses; there’s one last pitfall you can fall into. Don’t rush to start selling your product or service. Make sure you consult people to whom you would like to sell your product and get some feedback. This could help you see possible issues or complaints from customers before you start selling or even developing a full-scale product. It’ll save you both time and money in the long haul.
All of these pitfalls are easily avoidable. You just have to remember the client is King (or Queen).
After you’ve been able to come up with the business idea, here are some tips on how to streamline your ideas and begin implementation.