Introduction
Ideas are the engines of commerce today. No longer will a pile of money be enough. You have to have an idea that grabs the imagination of your target market. To do that you need to take a few steps back and try to be objective about your latest and greatest mindstorm. To help you with this often overlooked step we have four questions and a bonus question as a mind-stretcher to help you accomplish this important step to see if your idea can become the hit you think it should.
The Questions
1. What makes your idea unique?
Sometimes this one can be a bit difficult to answer. After all, you think the idea is so obvious that you don’t even need to ask the question. Yet, I’ve seen this question scuttle more than one brainstorm after some work here helps to uncover the reality of rediscovery. Yes, you discovered what someone else did earlier. They are even selling a solution right now and doing pretty well from all appearances. So, even if the idea isn’t so unique, is there still room for you and your version? If so, move ahead. If not, it’s time to move on.
2. How does it help others? Does it solve a pain point OR just make life better?
Many advisors tell their new business proteges that solving pain is far better than just making life easier. Solving pain isn't always easy. Consider the work done over the past five decades to find a cure for the common cold. It has been described as a very difficult problem. Whether you make life better for people by making the mundane easier or solve a pain point that truly makes life better for a specific group of people who share some common problem or pain, removing misery usually gets more traction than just creating good.
3. Do your potential customers think it is a good idea?
How many have bought it because it did solve some pain point? Do you have any traction yet? The age-old question of acceptance, buy-in, traction. In any economy, until there is a real demand for a product an idea is just that, an idea. You think it’s better than sliced bread, but if nobody else agrees and has been willing to try your idea by paying for it, you really are setting yourself up for failure. Find out where the pain or gain for your customer your idea meets and if it doesn’t then the idea probably isn’t ready for prime time. You really don't have traction until you make a sale for $$. Buying is the ultimate adoption and traction evidence.
4. How easy would it be for someone else to copy you and undercut your price
or quality?
The essence here is “Is there a ‘secret’ that makes your idea difficult to copy?” Oh, and the inverse is true if Question 1’s answer turns out to be no to unique. This is the cost of entry for anyone else wanting to compete against you, or for you to compete against someone else.
A final word, (before the bonus)
Test, test, and test some more.
- Test to see who really is going to be your customer.
- Test to see what product or service they are interested in.
- Test to see if they will actually buy on that interest.
- Test to see what they will pay,
- Test the ask you make.
- Test how you fulfill the sale.
Test, and test some more. But remember, testing is trying to find "YES" and that often means encountering a lot of "NO" along the way. Mr. Edison once remarked that he knew a lot of ways Not to make a light filament and ONE that worked. Beware of internal bias toward leading others to your conclusions. Ask questions from different POVs to get a better understanding.
+ BONUS QUESTION: Ask if there is another problem that is bigger than
the one you think you are solving.
This is a pivot on the second question. Often, you will find the world’s perspective is a bit bigger than you thought it could be. The testing we mentioned above should give you hints at what the question should be about the bigger problem question. I’ve often seen this show up as simple as turning a corner and finding yourself in another world very different from the boulevard you were traveling on before. Be aware and open to the possibility that there could be something more than you thought possible and have the courage to embrace it when it shows up.
☐ ☐ ☐ END ☐ ☐ ☐
Go on to [The New Knowledge Economy]
Part of the Ideas to Assets Series
Used by permission of the 867 Foundation, Inc. This document is presented as an educational resource.
It does not constitute legal, or financial advice. Consult your legal or financial advisors for your individual situation.
