You have that Eureka moment when you realise your new product idea has the power to change the world. However, only few of us are able to successfully execute them and that makes all the difference.
Ideas are useless – it’s the execution in translating the idea into a product/service that defines if a business is successful.
Here are 5 common challenges that entrepreneurs face in the journey from an idea into a product :
The first challenge is in making your idea an actual thing. It’s very challenging to articulate your concepts, beliefs and perspectives to someone else. Being so immersed in the idea you have, it is sometimes difficult to step back, explain and translate it to something that others can work on and form a successful product.
It’s important to get some form of support for articulating the idea that can get other people to share in your vision. This can include talking to friends, sharing at pitching events and hack-a-thons or hiring a pitching expert.
Other people can challenge your idea; its concept and implementation, novelty or usefulness. Some will be critical and will analyse your arguments and judgments for implementing your idea, however, it’s a useful process that can help you grow.
Find someone who will challenge your assumptions through a variety of techniques, including prototyping and Minimum Viable Product (MVP) development. Don’t stumble when others fight against it. It’s important to believe in your idea no matter what others say, do or feel about it – you need to believe in it so much that it becomes infectious. Have confidence in yourself to do this.
Can your idea really solve a problem? What it is that you will be contributing to? Who are the people interested in it?
There are many startup ideas out there, which seem good and useful, however, they fail because no one really wants or needs them.
You need to be brutally realistic about the potential audience who will use your product heavily – not people who might potentially use it. The latter won’t bring you the necessary success.
Through brainstorming, market research and asking the right questions, your idea can be challenged and perfected, hopefully, finding a wider range of potential use and custom.
This may seem contradictory to the previous point but it’s a nice flip-side to the coin.
Read on to know how you can sometimes unknowingly underestimate the potential of your own idea & also the 5th & the biggest challenge to not get too overwhelmed.
Client Services Director