The MacGyver's Route

Scenario

·         Have an idea: ü

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

·         Have relevant industry experience: X

·         Have relevant industry contacts: X

·         Have capital: X

Strategy

How did you come across this idea? Do you want to build a product because you have the skill to do it or have you perceived a market gap, or you faced a personal challenge forcing you to think for an idea? 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. Engineers, more than often, fall in the trap of making a product which they cannot make because it is needed by a market segment of potential buyers. Their emotional attachment with their creation often blinds them to see the uselessness of their product. So a genuine need in the society must exist which your invention can address. Discuss your idea with potential users, in the most self-critical manner possible (click here to see how to validate your business idea) 

Once a genuine need is identified, see the simplest possible solution to it, while using no or least amount of technology. Imagine if technology can improve the solution then will the customer pay for the price in exchange? (click here to see how to price the product)

Build a prototype yourself (click here to see how to build a prototype). If that requires investment, then see if your family, friends, or any relative can invest. If not then you will have to first develop a source of income, save money, and use it to develop the prototype. Question is, are you passionate enough to go to such lengths for your idea? 

If you can build a fully functional prototype, show it to potential users who can give you brutally honest comments to improve. Remember, sometimes it can take months to refine a product to marketable levels. It's manufacturing at a reasonable price, then it’s selling, developing a system of customer support, is an entirely different ball game.

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 what has stopped others from bringing the product in the market.

• If a product exists, try to import it (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 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.
• Further, if your service requires help from third-party contractors, then better search for them as well. A prior connection with all stakeholders is a must. Focus on ways to build credibility (click here to find out how to build your credibility) with the potential stakeholders before you begin to work with them.
• If your proposition needs refinement, then you must engage with some potential customers to learn direct feedback on your offering (click here to learn how to validate your idea).

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 expand your network), focus on one customer at a time! Remember 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.

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)