What is an entrepreneur? To many, it’s simply an individual who organizes and manages a given enterprise, building it up using their own initiative and taking on considerable risk. Others would prefer to use the term to define people who actually create something and then build a business off the back of their invention.
It’s clear that creativity is important in this field, so a genuinely great product idea should have worth in this field. But what do you do when you’ve convinced you’ve come up with a great idea? Here’s what you need to do to get the ball rolling on developing your idea and building a sturdy business.
Just because you’re convinced that your idea is great, it doesn’t mean other people will. And it’s other people who are going to have to invest in this product in some way, right? So you need to make sure other people understand what your idea is and then get their feedback on it.
You need to know if your idea would actually solve real problems that need addressing. You also need to do your research and ensure that some manifestation of a similar idea isn’t already out there!
What’s the market saying?
A product (or service) generally has a demographic. Even if it’s something that people of all ages, backgrounds, body types, and nationalities could find useful, the odds are that there’s a specific ‘group’ that would be the biggest driver of sales for your idea.
It’s essential for you to define your target market, as this will tell you how big the market is for your idea. Without research of the market, you may end up grossly overestimating it – or even underestimating it, which can hamper your ability to grow the business in the long run.
When you’ve got prototyping and testing completed, it’s best to make sure you get it to the market sooner rather than later. You don’t want to sit on the idea until a bunch of investors get interested. In fact, they’re less likely to be interested unless you get a few sales under your belt.
So, develop your product and consider methods of sale. You could open an online store to get some sales, and there are several ways of doing this. You could use a marketplace platform such as Etsy or even eBay, though you may get better results if you develop your own site.