An idea is not just enough to build a successful company | #DailyBlink66
I come across a lot of aspiring entrepreneurs asking about different queries around their ideas but what surprises me sometimes is the majority of them are scared to discuss their ideas. The reason behind them is insecurity. The insecurity of ideas being stolen by someone.
The Social Network Syndrome
I’m sure most of them are well aware of the movie “The Social Network” which is based on the story of Facebook. Facebook was not the first project, that Mark Zukerberg has ever worked on. Besides just having an idea is not just enough.
If you see the broader picture, there are certain intangible values like passion, drive, hard work, focus, undivided attention, sacrifice, purpose, goal, sweat, energy, motivation, inspiration to go through the process of building a successful startup.
It is not easy as it is projected by the media houses. Everything we see around is just the little tip of the iceberg. You get into the whole picture only when you jump into the story and learn more about any successful company till date.
What to do when you have an idea?
First of all, you have to understand whether your idea is a painkiller or vitamins.
Painkillers: Painkiller products are products that solve a specific pain point. Sometimes the pain is measurable in terms of ROI, winning sales that could not be won before, or satisfying a regulatory requirement.
Vitamins: Vitamin products are like productivity tools, content aggregators, mashups, utilities, collaboration applications, measurement, and monitoring tools, in fact, anything that is a tool, development, or otherwise, is by definition a vitamin.
Market Research: Once you have an idea, you can go through the case studies of several other companies in a similar industry. This will help you understand the various strategies used by the company.
Take Feedback: You need to seek feedback from your customers whether they are willing to pay for the idea. This will help you become an outlier in the market. This will eventually become the moat for you.
These are the two important things that we often overlook before building the product, maybe that the easiest of all since now you know what you have to build for your customer.
Final words
Seek mentorship or discuss with someone you can trust also who is in entrepreneurship for quite a long now. Sometimes, it is not just about the product, its the philosophy behind it. There are several other wisdom you need to learn which you can only learn from an experienced individual.
Not everyone you want to reach and seek advice will be equally available for you. But you can learn from blogs they have written, tweets, posts. And the best part is, they are free and what’s expensive is the time you spend on that. Some of the blogs I prefer:
Naval
Kunal Shah
Best filter you can use to seek mentors online: Don’t hear what they say, see what they do, or have done so far. Because nowadays. you will find most of them claiming to be an expert in this field without actually building a company before.
Thanks for taking the time to read this. I hope you find it helpful. Say Hi 👋 Twitter Instagram. I’d love to connect.
Your Friend,
Riten
