How much is Your Idea Really Worth?

Category: Entrepreneurship Author: Abdul Sakhib

tl;dr: Business ideas are fundamentally worthless, unless you’ve got a satisfied customer or eventually got paid.

Over the past few years, trends on startup ideas and invetments are on huge spikes. Unfortunately, almost all the ideas fail during their first month. Moreover, research concludes that the rate of startup failure is 90% each year.

However, the ideas that fail are really the ideas worth failing, or the inabilities or actions leading to their failure. So, how would you guarantee that your idea isn’t worth failing?

Did you actually start working on your idea?

Majority of brains with great ideas are excited about their business ideas, but they wouldn’t go forward to test or validate their ideas. Investing your time and effort is the first and crucial steps towards success.

Other than designing your logo, building a website and registering your firm, the first and foremost step is to build your product and start selling. If your idea is about services, you must build your website and portfolio.

If you like the product you’ve built, there’s a likelihood that your customer may like it too. Running around with an idea without building the actual product is undoubtedly, a sign of failure.

Testing The Market

Effective marketing or market testing helps ensure your product is sound, and it can also provide you with valuable customer feedback.

However, you need to know the actual demographics of the product. Figuratively, selling a sewing machine to a carpenter is worthless, unless he needs it. Therefore, determining a need is the most important part in market testing.

If you have the right place, right time and right person to sell, then your idea is more likely to succeed.

Making Your First Sale

No matter how long it takes, if your product makes a first successful sale, then congratulations! your idea is accepted. The only efforts left to increase your idea’s worth are the right manufacturing and marketing strategies.

Your idea’s worth is actually determined when someone pays to buy it. Otherwise, no matter how creative or innovative your idea looks, it stays the same unless it has it’s real customer.

Conclusion

No matter how creative or innovative your idea sounds, building your product/portfolio and making a first sale is the only determinative of how much value your idea holds. Quest for hidden tricks and shortcuts only waste your time.