Monday 11 August 2014

Lawrence Sowell - Linkedin Article - Being an Entrepreneur June 28, 2014

Wriiten by:
Everyone has ideas, but why is it that not many of us follow through with them? Read this story and tell me what you think. I’m giving you my thoughts on how to take a simple idea and make it happen. The ups and downs, ins and outs of the process that will get your idea off the ground.
For me it was an idea that created problems that needed solved that then created ideas that eventually paved a road to the creation of the right idea. Sometimes you don't want to get in too much of a hurry when you have an idea. Slow down and examine your idea; does it fully solve the problem, or just create new ones?
Step 1: Identify the problem that you're trying to solve, and be sure to thoroughly research what others that have done or attempted to do to solve the same problem. Fully compare all aspects of your idea to what others have done.
Step 2: Use your imagination to the point you actually think you have the idea in your hand, or are using it in real time. Imagine what it would be like and/or look like in every detail.
If you are still excited after going through steps one and two, it is quite possible that you have a very good idea! Next, your going to ask yourself these questions and answer them as truthfully as you can.
Is it simple?
How much will it cost?
Who's my target market?
How big is the market?
How will I monetize this?
What's the long term goal?
What is the user experience going to be like?
Do I need outside help?
Trust me, there’s a lot more as well...
Lets start with the first one. Is it simple? Is it something that someone can look at and feel familiar with immediately. You want the idea to feel easy or simple to use, especially if it's something new that does not relate to anything out on the market. Is it worth figuring out? I know, just more questions. But honestly each question just brings more questions, and all the answers are Yes/No/Maybe types of answers. This will help you take a self poll on the validity and simplicity etc...
Next question. How much will it cost? From doing some research one would know or be able to figure out some sort of cost. What processes did they go through? Is your focus to grow organically starting out small or go for the gold on the first attempt?
Then you start thinking about those numbers and you compare them to the size of the market that you are considering going into. Is the market large enough or have enough attraction or demand for this idea? Will I find myself with an idea that is simply a pleasure but not a need or want? If it is just a pleasure, then how will I get people to use it?
Naturally while thinking about how much it's going to cost you're going to start thinking about what types of people you need to make an idea like this work. Can you do it by yourself? Do you need outside help? Do you have any friends that can help to cut the costs up?
Then you start thinking to yourself, how can I monetize this idea? How can I take this idea to the public and "growth hack" my way to the top? What information is important about gathering with this idea and how can I best use this information? Information is key. Information is relevant with every single idea ever created.
Alright so now we're finally getting somewhere right? I mean we've only asked about 30 questions so far and we feel like it's a final exam. See, the reason most people give up on their ideas is they're not excited enough to dig deep enough into the idea to actually do anything with it. They run into dead ends, get frustrated, it doesn't create enough excitement quickly and all of the sudden, it's dumped to the curb. If the idea is that good, and you the creator are passionate about the idea, then go for it! Don't stop! Lets call this the article intermission as we dive into the rest of the story.
Now that you've asked and answered all of these questions lets dig back in. Who's going to find this idea useful? Do I truly know and understand this target market? The odds are probably not thoroughly enough, so some proper due-diligence work is needed so that you can really get to know the people that will find this idea resourceful. When I say this I mean age, gender, interests, income, favorite shows and what is trending with this market. Finally just imagine you are one of these people that have everything going on in their life. Will they have time for it? All very valid questions and trust me, there's plenty more that you could ask yourself.
Next you ask, what is my long term goal? Is it money, is it way of life, is it helping others, solving problems, etc... If there's no long term goal (depending on the idea), it can be the death of your concept before it even begins.
What's this idea going to feel like? That's a big question right there. How good will it taste? How easy is it to use? Is it comfortable? Obviously these questions are detailed to the type of idea or product you have in mind, but none the less, for your idea to go long-term, user experience is going to be the key, and I mean NUMERO UNO! Think about everything you do today. Whether it's the food you eat, shoes you wear, car you drive, etc... etc... these feelings or emotions that you have with a product or idea is the key to its success. If the experience is bad, then you aren't going to be doing it for very long.
Now that we've answered all of those questions and we feel 100% solid about our idea. What's next??? PROTECT IT! Have you ever seen a boxer let his guard down after winning the few rounds, and if so what happens? Whammmmo! He gets knocked out! If you have a good idea the number one thing to do with the idea is protect it. Intellectual Property Protection it's called or IP Protection some say. Get it patented, and make sure you do it right. It's always safe when having the idea for the first time to send a detailed list of the idea to yourself in the mail or through email just somewhere that has a date stamp. This is very important as it starts the record-keeping process and begins the protection process for you.
For me it's simple. I love creating. I love producing something that no one else is producing. Solving problems doesn't bother me, rather it is a welcomed challenge. Problem solvers are the leaders in any industry because they find ways to make ideas better and better every single day. Constant analysis is being computed minute by minute and hour by hour by many people. This analysis is healthy. Think about it like a muscle. The more you use it, the better it works. The more you use your brain, the smarter you will become.
Thank You for reading my article. I'm interested to know your thoughts on this, so please leave me some feedback in the comment section and feel free to share it with others.

Posted by at
Labels: , , , , , , , , , ,

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)