The process of business ideas development is not a simple process. Some people just come to a bunch of business ideas, but some really suffer to come even to one business idea.
Generally, there are two problems: (1) The first is the excessive generation of business ideas that will make these ideas to remain forever in a dreaming stage and (2) Second problem is when you don’t have ideas but you still want to become an entrepreneur.
The most optimal way is to have a systematic approach in generating and selecting business ideas that you can transform in a real business. Remember that when you generate and chose some of your ideas, you will need to validate them and become 100% sure that you will succeed.
Here are some basic but, important questions that can lead you through the business ideas development process:
Create a Framework for Business Ideas Development Process
This is the first step of your business ideas development process. At this stage you need to create a framework for the next steps. Everything that will be out of that framework will not be included in the next steps of the process. This step is more about you as a future entrepreneur.
The questions that you must answer at this stage of your business ideas development process are:
- Is the entrepreneurial life that you really want?
- Are you psychologically prepared for your business startup process?
- What are your goals for the future?
- How much you want to earn after several years?
- How you will start your business? Solo or with a team of partners?
- How much money you can spend in the startup process?
- How much money the partners can give you for a startup process?
- How much money you can collect and spend on business start up stage?
- How long you can survive before the business will start to generate money?
Brainstorming Step in Your Business Development Process
Brainstorming is the process of generating ideas. One thing important in such a process is that you don’t need to look about the quality of an idea. So, at this stage the only important thing is the quantity of generating ideas. In Wikipedia brainstorming is defined as:
…a group creativity technique, designed to generate a large number of ideas for the solution of a problem.
Before you start with this step it is better to prepare your business idea book where you can note all your business ideas that will be generated through this step. (You can download a business idea book template.) Answering the following questions will give you some possible directions where you can find business ideas.
- What is my crucial knowledge?
- What can I work from my knowledge?
- Can I sell something related to my knowledge?
- How my knowledge can improve the world?
- What is my previous experience?
- What can I work from my previous experience?
- Can I sell something from my previous experience?
- How my previous experience can improve the world?
- What are my crucial skills?
- What can I work from my skills?
- Can I sell something related to my skills?
- How my skills can improve the world?
- What problems exist on the market that are related to my knowledge?
- What problems exist on the market that are related to my experience?
- What problems exist on the market that are related to my skills?
- What is my hobby?
- Can I transfer my hobby into the successful business?
- What can I improve in my hobby?
- What is the current market practice on the market related to my knowledge and I can improve it?
- What is the current market practice on the market related to my experience and I can improve it?
- What is the current market practice on the market related to my skills and I can improve it?
Selecting the Best Business Idea in the Business Ideas Development Process
This step is simply a selection of the best business idea from the bunch of ideas that you will generate in the previous step – brainstorming. The purpose of this step is to find one or several ideas that will continue with the business ideas development process.
- Can I exclude some ideas generated in the previous step?
- Is there ideas that are not compatible with my answers in the first step – framework?
- What you must check in ideas that were generated?
- What is the opinion of my friends about the rest of business ideas?
- What is the opinion of my previous colleagues about the rest of ideas?
- What is the opinion of the market experts that I know about the rest of ideas?
- What is my personal opinion about the rest of ideas?
- What is the one or several business ideas that received the biggest amount of votes from previous questions in this step?
Researching as a Part of Business Ideas Development Process
The fourth step is the research of selected business idea or ideas from previous step. Here you will need broader audiences that you must to include in your analysis. One of the tools that we can use is a survey.
- Do I have the capabilities to implement that ideas?
- What you can expect as a reaction from the market about those ideas?
- What amount of money the market is willing to pay about a product or service from the specific business idea?
- Is the market having a strong desire for something like my ideas?
- How much will cost me the product or service?
- What will be an appropriate price for the product or service?
- Is that price something that the market is willing to pay?
- Can I make a prototype?
- If I make a prototype what is the opinions of our potential customers – people that we include in our previous steps and here?
- What is the feedback from testing of the prototype?
- Can I make adjustments according to feedback from previous question?
- Can I start after adjustments?