Scenario
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Have an idea: X
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You or your partner possesses a unique skill set :
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Have relevant industry experience: X
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Have relevant industry contacts: X
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Have capital: X
Strategy
If you are skilled, like if you are an engineer; think of a problem that exists in a society that can be addressed through your skillset.
Once you have figured out a problem, work out a practical solution that can be delivered at a price that the target audience can afford. But before that, it's important to shortlist a problem to work on.
Make a list of the problems that exist in society. Interview some wise people to help you refine that list. Research how these problems are being addressed globally.
Pick a problem whose solution you can work out keeping in view the skill set you, and your partner has, and the resources you both may possess.
Once a genuine workable problem is identified, see the simplest possible solution to it, while using no or least amount of technology. Imagine if technology can improve the solution, will the customer pay for it? How much they will pay (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 many 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.
Alternatively, 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 (click here to learn about to import in Pakistan) or procure it from a local source, 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 enough customers to justify the investment.
- 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 give you feedback on your offering (click here to learn how to validate your idea).
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).
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).
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