Entrepreneurial Tactics To Innovate New Business Ideas

Posted on: October 25th, 2019

Have you ever thought about how organizations such as Apple, Microsoft, Samsung, etc. come up with new ideas? How they are able to produce and create new products, and solutions? What is their roadmap to success?
A research team from Rensselaer Polytechnic Institute in New York observed several big projects including,
1- Silicon-Germanium Devices by IBM
2- Digital X-Ray by GE
3- Hybrid Vehicles by GM
4- Biodegradable Plastics by DuPont
They spent a lot of time researching these ideas and concluded that most of them are happy accidents and not a focused project. Also, many of them were working as a freelancer or in small groups rather than being directed by some idea management system

How to Generate New Business Ideas

Although these huge products were ‘happy accidents’, you must understand that somehow they were trying to create something which led them to something else. At least they were trying, and you should do the same. To come up with a new business idea, you must follow some steps.

1. Research the Market

It involves the process of understanding the targeted marketed. Before you start thinking of an idea, you must be clear about, for whom you are going to produce, whether you are targeting elite class, or middle class, or any specific gender or a particular age group.
Research is very important. There are two basic types of market research. Primary research is the one that you have to do yourself about your targeted market. It involves the information you have to find out yourself. For example, it might involve some surveys to have a better idea of your market.
The other type is secondary research. It is basically the information that others have already collected for you. For example, you can look for national reports about a particular demographic area to have an idea about its population.

2. Analyze Customer Need

Through different surveys, reviews and feedback on different platforms, analyze what your future customers are demanding. Look for cases where customers are disappointed with the product they are delivered with or the services they have used.
The best way is to look for customer reviews on social media and different products and services website. You will easily have a better idea of what are their needs.

3. Involve Everyone in the Quest

It might be a single brain on the front of innovation. However, it involves a lot of minds to come up with that idea. You must involve more brains with you. Simply start asking your friends and colleagues for new ideas.
For a better idea, it is advised to combine two or more simpler ideas and create a more valuable one.
This is how large organization like BMS (Bristol-Myers Squibb), a global pharmaceutical firm generates new ideas. They involve each of their employees in the quest.

4. Create Advancements

The above steps will help you to have an idea of what the society needs. Once you are aware of the problem, you can come up with the solutions. But remember, technology is the solution today.
Without being aware of the technological advancements, you cannot satisfy your customers with your product. Whatever you made, make sure it is more advanced than what we already have. You can keep your self updated with modern technology through Derek Time

How to Implement Your Idea into Reality

Once you have a clear idea of what your product is, you should know how to convert an idea into reality. This stage is even more challenging. It may take you through several failures before achieving success. All you need to do is be patient and work hard.

1. Financial Planning

To implement your ideas practically, you will need capital. Calculate the amount you need to produce your product. Be aware that you will go through several unsuccessful tests. S, you should prepare for the capital accordingly.
I’ll recommend you keep working with different firms as a freelancer and make money with Rafi Chawdhury. Sell them your skills and they will give you money, which you can invest in your idea.

2. Find Resources

List all the resources required to practically implement your idea. You might find it expensive to accumulate all the necessary things. What you can do is to go for a service exchange.
Look for the companies and vendors who can provide you with your required accessory. Talk to them and ask them if they are interested in a service exchange.
For example, if you are a designer and you need a domain/hosting for your website. You can offer domain provider a couple of free designs. In this way, you’ll be able to save a lot of your money.

3. Map Out Every Stage

Since you are still in the process and you cannot afford the loss of your capital, you should map out each and everything. You must be aware of the route you are following. Mark the things that are most important and try to escape the less important things.

4. Test Your Goods

Once you have created a product, do not market it without testing. It is more suitable to call out 10 trusted customers instead of testing it yourself. Customers will have a different point of view and they will provide you with correct feedback.

5. Critique It

Review the collected feedback carefully and look for the negative points for improvement. Now try it yourself and self-critique it. This process will always help you and will allow betterment for your product in the future as well.

6. Market the Product

Now it’s time to market the product. Look for the relevant platforms and target your customers. Do not waste your time, effort and money on the platforms where you will not find your customers. Look for some expert social media marketing advice on Magnificent and Buzzinanna and win the market.

Do not Stop

Now, when you have launched a product in the market, it is high time to look for advancements in your product. Follow the defined method, be the competitor of your own, and defeat yourself to grow bigger than what you are now.