4 Tips on making Your IDEA Successful

Do you believe that Idea is the HEART of a Startup?

Will you also agree that every Idea needs to be polished?

Startup Idea

If your answer is yes to both the questions, then Why is it that some Great Ideas Fail and some not so great ideas succeed?

Here is one of the main reasons-

Most startups have an Idea, but they rarely go through the process called Idea Validation. Most of the Founders talk to just a few people like their friends, family and relatives. Based on the feedback they get, they decide to continue or drop the idea. They fail to understand the weightage they should give to the suggestions and feedback of these people.

Here is a fact, which is not understood by most Startups. When people give you a feedback, on your idea, their feedback depends less on the idea and more on the following two factors:-

  1. How much do they like you.
  2. How much confidence they have in you.

So, their feedback is less about the idea, and more about their liking and confidence.

In other words, using your friends and family for idea validation itself may not be a Valid idea.

On the other hand, it may be a good idea to talk to the following 4 people before you invest your Time, Effort and Money in your Idea (startup).

  1. Prospective Customers

The purpose of an Idea is to create a product/service that will be bought by customers.  Hence, approval of the idea from prospective customers is most important.  Paying customers will assess the product with more seriousness. So the feedback from their point of view is more valuable.

People who are asked to try without payment and/ or Free Trial may not be too specific or critical of the product/Service because they may not want to hurt you

  1. Competitors, if any

Meeting competitors or those who are into similar product will give you an idea about the challenges that they are facing. Also you may get information on the market scenario, the price point, and other relevant details. This can be very useful in your planning.

  1. Specialists and Experts

Whenever possible, try to meet Specialists and experts in the field. They will be able to plug the hole in the concept/idea, if any. They can also add value to the idea. They may connect you to the right people in the industry, too.

  1. Similar Products/ Services

Find out if any other business is working with similar idea.  If yes, meet them . Get to know what they are doing. Also meet business owners who are successful and those who are not. I am sure you will agree that we need to learn from the successful businesses is as important as learning from the mistakes of the failed businesses.

Meeting the above people will save a lot of time and effort in your startup journey. Meeting these people will help you to understand and validate your idea. They can also provide answers to those questions you have been asking to yourself. This exercise also may provide clarity leading to course corrections where ever needed.

In conclusion, it will be better to remember that an Idea which is validated by right people is more beneficial rather than just a Great Idea. This is extremely important for any business and specially a Startup.

If you want to know how we can help you in your Startup, please go to Solve YOUR Startup Problems

Please share your feedback and suggestion to MuraliMarg@gmail.com or WhatsApp to +91-88256 38345

What do you think about Training?

I think it was Og Mandino who said that if we have to learn from our own mistakes, one lifetime is not enough. Hence we need to be smart enough to learn from the experience of other people.
There are many ways to learn from others – Reading Books, Watching Videos or Listening to Audios. However, the Best & the Most Effective method is attending Training Programs.
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Benefit of Training

My Life changed in 1989 when I attended my First PAID Training Program and it was very expensive (INR 3000 in 1989).

I believe that one of the reasons it made a huge impact on me was because I had paid for it with my own hard-earned money. Before that I had attended many programs and since they were all free (for me), I probably did not pay much attention during the program.

The message I got from that training was that the value we receive is directly proportional to the money we invest. What is your opinion?

I would love to hear your experience.

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Your comments will be highly appreciated.