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Neha PalTop Contributor
Content Writer|| ENGINEER||
Asked a question 4 years ago

How do I turn an idea into a startup?

Where am I?

In StartupTalky you can ask and answer questions and share your experience with others!

Sayantika ChatterjeeTop Contributor
I am a literature student from University of Calcutta and came here to contribute.

Execution. Simple. Don't just keep your idea as a simple dream. If you have enough cash in hand or a source of loan, then go for it. But do your research. Whether your idea will work or not. Analyse how people will react to it. Will the customers buy your products ? Will it be helpful to the people ? How unique is your idea? It's better to not join the common groups. People are always in search for something new. And if your idea is common like others, what additional benefits are you providing ? Ask your peers or family members and initially work out your business with them. Check out whether they are working or not. Do a thorough research. Calm down and chalk out. Don't think things will work out overnight. No they won't. Things take time. Don't give up yet.  

Going through the work to set up a business only to find that no one's interested in your idea is the fastest way to NOT start-up a business. Have you been asked by business owners you know for this web analytic service? Are they willing to pay you for it? How much are they willing to pay? I recommend that you and your partners consider developing answers for these 4 questions. These will help you define the foundation on which you can build a business:

1. WHY – What is it about your products and / or services and your proposed business format that will be beneficial to your customers? Why do you believe you should start-up a business capable of bringing these benefits to the market? Be sure you can answer “What’s In It For Me ?” from your customers point of view. Something else to remember: Your WHY is not about making money. Money is an outcome not a reason why.

2. WHO – You need to be specific about the customers you want to serve. Start first with your local market. What industry are these people in? How large or small is their company? Most people make the mistake of claiming they are looking to sell to “Small” businesses, who have  a website”. They have no clear and focused picture of what that means.

3. WHAT – Most new business owners tend to become focused on this area because it’s what they know best. The WHAT are the features of what you’re planning to sell. Your customers will use the features to support buying decisions based on the benefits that motivated them to purchase in the first place. Don’t tell people what you do tell them why you do it.

4. HOW – These are the processes and methods you use to deliver your products and/ or services. Will you have a brick & mortar retail shop or office or workshop? Will you be virtual? Are you accessible 24/7? Week days or maybe week-ends only?