Every day, ideas come and go, some great, others poor. However, there are some ideas that are worthy of being considered for expansion and introduction to the masses. A truly great idea may be dormant in one’s brain for a long period of time, but perhaps it evolves into something more meaningful and perhaps profitable. It is the responsibility of the idea’s owner to determine if it is worth sharing with others and even transformed into a real business opportunity in the future. However, a good idea cannot stay latent forever. It must be shared with others as a means of determining its value to the general public. Others might have the knowledge, expertise, and business sense to turn a small idea into a big reality.
Idea Generation and Development
A successful idea has to start somewhere, and if it is very small to begin with, an open dialogue needs to occur to give the idea some real importance. The development of a successful idea may stem from discussions with friends, family members, colleagues, and even strangers. The approach to communication is critical to the success of the idea on a larger scale. An idea cannot live in a vacuum; rather, it must be explored and evaluated so it may grow and thrive into something much larger and much more significant. A really good idea does not always start out great; in fact, a bad concept or idea may turn into something profitable with a few minor tweaks to its purpose. Communicating the idea to the right people requires an effective strategic approach to attract potential investors and other individuals with the capital that is necessary to bring the idea to the forefront.
Assignment 6: Where is the Capital, Human and Financial?
Arranging financing or securing capital for a new idea is a difficult task to achieve. It is often very important for an individual with a potentially great idea to take a step back and to determine if the idea is feasible in the first place. If this is proven to be accurate, then it is necessary to consider other factors which may influence its development to fruition. With this in mind, securing capital may be difficult for some inventors because they have not proven themselves as viable commodities. However, human capital is worthy of a second glance and should be taken seriously. Human capital is what drives an idea to fruition and may lead to success. Although human capital may be easy to recognize and accept, financial capital is another story and is often more difficult to secure. Obtaining capital to expand the idea requires investors who are interested in making a good idea a great one and who are likely to add their own input to the process to make the idea even stronger than before. Financial capital is critical for any chance of success with the idea over the short and long term.
The Capital is Available; What Happens Now?
Upon securing the capital that is necessary to expand the idea, it is necessary to test out the idea, perhaps using focus groups and other prototypes in order to improve its value and worth in the marketplace. Testing an idea and attempting to perfect it is critical to its long-term success and growth, particularly when markets are competitive. It is necessary for the inventor to consider methods of testing and other predictors of quality so that the idea is not compromised or minimized in any way. This will encourage the development of idea growth and expansion into a more viable and appropriate business model. For new ideas, sufficient capital is absolutely necessary to achieve any chance of real success with the product over the long term.
Assignment 7: Marketing the Idea and Convincing Others of its Value
For a new idea and an inventor without a past track record, marketing is a tricky and arduous task. It is important to determine how to market the idea in a manner which will attract the greatest level of interest. The Internet is a likely start because of the visibility and high traffic that it brings to the table. However, one cannot live on the Internet alone, as there are other marketing-based requirements to consider. Perhaps word of mouth, newspaper advertising, or flyers around town are the answer. It depends on the idea and the type of audience that is sought so that the idea is tied to the appropriate marketing strategy. These actions make it necessary for the inventor to capture the essence of the idea in the marketing approach. Without this process in place, the idea might never get off the ground. The inventor must consider all marketing options prior to making a decision because the correct decision will go a long way in securing interest and success.
You can Relax Now; the Idea is a Huge Success!
A very basic idea that takes off and leads to successful results is sometimes difficult to believe. However, a mix of common sense, sound business advice, financial capital, and even luck are what it takes to make a success out of a very small concept. The inventor should consider the different elements of achievement in making the idea a success from its inception and should develop methods to achieve consistency and results over the long term. This will enable the inventor and the idea to be much greater than ever expected.