Idea generation and validation
An entrepreneur is an innovator, a person who benefits from an opportunity in the market. Final aim is obviously to earn money. But the path chosen is similar to doing something different.
Why does idea generation matter
It helps to be innovative. For an entrepreneur it is all about opportunity and innovation. It might be a simple product in the end, but it has to be packaged as an innovation.
A product is just an opportunity at problem solving. Since Google Maps started accepting business locations marking on the maps, it opened an opportunity for both business owners as well as digital marketing experts who helped the owners to create profiles.
Ideas give you a competitive edge. They make you stand out in the market. Today we see a rush of people following a trend. Now it becomes a race. So always keep thinking about your own idea.
It is not enough just to come up with an idea, you have to make sure it will also work in the market. This is called market fit of a product. It also leads to the next point which is adaptation.
An idea works only if it is able to change as per market conditions. What is the use of an idea if it is one off.
Your idea also has the potential to catch someones attention and then you may find yourself an investor.
Finally with a good idea always flows passion and motivation. This also helps in getting new ideas and keep the flame burning.
Advantage of having clarity in concepts
Choosing a product to sell is never going to be easy. It begins with a combination of what is the opportunity in the market and how well can you exploit the opportunity with your innovation. The skills which are going to get tested while you make use of the opportunity will be as follows.
- Alignment
- Prioritization
- Decision Making
- Motivation
- Communication
- Evaluation
- Adaptation
Validation process
The final step in the process is where you must check out whether the idea has actually worked. Of course the best way would be to check out how much you are earning. But here are some other options. First you can analyse your growth and chart out a course and see if you can stick to it. Next you can check for mistakes in your approach. Finally you can make a daily list of your problems so that you can find solutions for it.
