The business ideas development process is not a simple process. Some people just come to a bunch of business ideas, but some people 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 to generating and selecting business ideas that you can transform into the 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 fundamental 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 in your unique 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, you will not include 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 something 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 will you start your business? Solo or with a team of partners?
- Do you have enough money that can you spend in the startup process?
- How much money can you collect and spend on business start-up stage?
- Can you find partners and how much money they can give you for a startup process?
- How long can you survive before the business starts to generate money?
Brainstorming Step in Your Business Ideas Development Process
Brainstorming is the process of generating ideas. One important thing in such a process is that you don’t need to look at 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 ideas book where you can note all your business ideas that will be generated through this step. (You can download a business ideas book template.) Answering the following questions will give you some possible directions where you can find business ideas.
- What is my critical knowledge?
- What can I work with 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 on my skills?
- Can I sell something related to my skills?
- How my skills can improve the world?
- What problems exist on the market that is related to my knowledge?
- Are there problems on the market that is related to my experience?
- What problems exist on the market that is related to my skills?
- Do I have a hobby that can utilize as a new business idea?
- Can I transfer my hobby into the successful business?
- What can I improve my hobby?
- Are there some current market practice related to my knowledge that I can improve them?
- What is the current market practice on the market related to my experience that I can improve them?
- Are there some current market practice on the market related to my skills that I can improve them?
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?
- Are there ideas that are not compatible with my answers in the first step – framework?
- What is the opinion of my friends about the rest of business ideas?
- Is there something that I need to check the ideas that were generated?
- What is the opinion of my previous colleagues about the ideas?
- Is there some market experts that can give me some opinion about the business ideas?
- What is my personal opinion about the ideas?
- Is there one or several business ideas that received the most significant 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 the 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 those ideas?
- What can you expect as a reaction from the market about those ideas?
- What amount of money is the market willing to pay for 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 the previous question?
- Can I start with adjustments?