So, you have an idea and want to create a legacy and be worth a billionaire? Or are you just chasing a part-time income? Or you want a better work-life balance? Either way, be sure why you want to pursue this idea because you will be investing your and someone else’s hard earned money along with your sleep and sweat. Greatness is contagious. It comes after persistent hard work but once it comes, it spreads around quickly.
According to Forbes, 90% of start up businesses fail. This is a hard and bleak truth, but one that you’d do well to meditate on. Entrepreneurs may even want to write their failure post-mortem before they launch their business.
Why? Because very optimistic entrepreneur needs a dose of reality now and then. Cold statistics like these are not intended to discourage entrepreneurs, but to encourage them to work smarter and harder.
Here are 4 most important tips about ideas to sum up:
• In the world of start-ups, ideas are worthless. Execution is everything. However, you do need a solid idea for people to continuously pay for it.
• The best way to know if an idea is good is VALIDATION! Ask as many potential customers about it as you possible can and ask if they would be willing to pay for your product/service. (Hint: Don’t ask friends or relatives who are going to give you biased opinion.)
• Don’t be stuck with your idea as a founder. Be ready to pivot. Focus on creating value and harnessing the power of technology to improve life for all.
• One of the key things that we have come across is the fact that half the people we meet wants to have a completely new idea and turn it into the next Facebook and there is the other half of the spectrum where everyone wants to just about copy everyone else’s work. Please remember that if the product or service is too ahead of its time then it almost always fails because the market for it does not exist. Customers fail to understand the power that it gives them.
Now, let’s talk about YOUR idea. The best way to create the best version of your product is first letting your brain and heart do the talking together.
Mind mapping is a very powerful tool that can achieve great outcomes even for those who are very clear about their ideas/products.
A mind map is a diagram used to visually organize information. A mind map is hierarchical and shows relationships among pieces of the whole. It is often created around a single concept, drawn as an image in the center of a blank page, to which associated representations of ideas such as images, words and parts of words are added. Major ideas are connected directly to the central concept, and other ideas branch out from those.
Our top 3 software picks are:
• Coggle (https://coggle.it)
• MindMeister (https://www.mindmeister.com/)
• XMind (http://www.xmind.net/)
We suggest taking a “free mind approach” when it comes to mind mapping. Start with your core idea at the center and then give your core idea the wings.
There are thousands of different techniques for creating a mind map but the technique of Tony Buzan is very powerful.
1. Start in the center with an image of the topic, using at least 3 colors.
2. Use images, symbols, codes, and dimensions throughout your mind map.
3. Select key words and print using upper or lower-case letters.
4. Each word/image is best alone and sitting on its own line.
5. The lines should be connected, starting from the central image. The lines become thinner as they radiate out from the center.
6. Make the lines the same length as the word/image they support.
7. Use multiple colors throughout the mind map, for visual stimulation and also for encoding or grouping.
8. Develop your own personal style of mind mapping.
9. Use emphasis and show associations in your mind map.
10. Keep the mind map clear by using radial hierarchy or outlines to embrace your branches.
Mind mapping might give you those additional things that you forgot to think about in the first place.
Use this as a tool to polish your idea and give it more clarity than “I just want to build an application, or I just want to create a powerful marketing tool.” Put all the dots together and concrete on your first solid offering. Remember, this is almost definitely change but you must know at least the core of your idea clearly before you start wasting resources.
Here are a few things you might want to know about your idea:
• Is it local, national or global?
• Is it a disruptor or subject to disruption in the near future?
• Who are you targeting? A very niche group or a broad consumer base?
• Is there a company in the market doing something very similar?