The Archimedean Route

Scenario

·         Have an idea: ü    

·         You or your partner possesses a unique skill set: X

·         Have relevant industry experience: X

·         Have relevant industry contacts: X

·         Have capital: X

Strategy

How did you come across this idea of yours? Do you perceive a market gap or you faced a personal challenge forcing you to think for a solution? If it is just your perception that a product or a solution to a problem as you conceived is needed, then the idea may be hypothetical and will require testing.

Developing a product that does not exist anywhere in the world is extremely rare, so it is entirely possible that what you want to build might already exist.

See if a similar product exists elsewhere in the, 99.9% chance is that it might already exist, investigate to find it (click here to learn how to search for a supplier in an international market) if it does not exist then investigate what has stopped others from bringing the product in the market.

If a product exists, try to import it by borrowing money from family or friends (click here to learn about to import in Pakistan), and become a distributor (click here to find how to become a distributor) of that existing product addressing the same problem you want to address. Think of manufacturing only when you have developed a sound customer base.

If you want to build a unique product, first discuss the concept with potential users (click here to learn how to validate your idea), and if the feedback is positive then think of building a prototype yourself (click here to see how to build a prototype) if you don’t have the necessary skill-set then better acquire that skill set, or get a partner who has the skills (click here to learn how to find a partner). If that requires investment, see if your family, friends, or any relative can invest.

If they cannot invest, then you will have to first develop a source of income, save money, and then use it to develop the first fully functional prototype.

It is entirely possible that to reach a point where you have sufficient resources (finance, network, skills, etc.) to materialize your idea, you might have to go via a completely different route as directed by the existing resources you have right now. Question is, are you passionate enough to go to such lengths for your idea?

Even if you gather resources to develop your prototype you still have to show it to the potential users again to get their feedback to further refine the product.

Then you will have to find people to partner with who can help you mass produce, and distribute the product to your target audience.

If it’s a service, then find the necessary connections with potential customers to deliver the service. You might have to partner with someone who has the necessary connections and the skillset.

Further, if your service requires help from third-party contractors, then better search for them as well. Prior connection with all stakeholders is a must. Focus on ways to build credibility (click here to learn how to build credibility) with the potential stakeholders before you begin to work with them.

Once you are connected with all the stakeholders and can deliver a product or service to a target audience in your network (click here to know how to find your target audience), focus on one customer at a time! Remember in the beginning your goal is to gain experience in the market, customer behavior, and behavior of other stakeholders. Let growth happen slowly, and gradually, let happy customers bring more customers by generating positive word of mouth which is considered to be the best marketing strategy by business experts.

Now gradually build your customer base while reinvesting profits. Once you have enough confidence in your venture, you may now invest your capital to expand. Hire people to help you only when you think you can't meet customer demand on your own! (click here to learn about hiring strategies).

The following video explains the concepts of this section in Urdu