So you have a busi­ness con­cept...

But don’t run off and start a busi­ness just yet! Here’s what you need to do.

CLEO (Malaysia) - - SMART REPORT -

Val­i­date the prob­lem

You need to find out if this prob­lem is a real one or one that’s com­mon enough to build a busi­ness upon. In other words, you need to know there’s a mar­ket for your ser­vice. This means talk­ing to any­one and ev­ery­one about it and get­ting a feel of how com­mon this prob­lem is. TIP! Don’t be scared of peo­ple steal­ing your idea. An idea is only as great as the pas­sion, ded­i­ca­tion and vi­sion that an in­di­vid­ual has!

Lis­ten and take notes

Re­mem­ber, you’re not here to de­fend or sell your idea – you’re try­ing to get feed­back so ac­tively lis­ten to what peo­ple are say­ing. You can also set up sur­veys (which can be done eas­ily via web­sites like sur­veymon­key.com), speak to strangers… the wider you cast your net, the more in­sights you’ll get. Tip! Try to weave your busi­ness idea into con­ver­sa­tions at so­cial set­tings with­out ex­pos­ing your agenda. That way, peo­ple have their guard down and their com­ments won’t be mod­er­ated.

Present your so­lu­tion

If the feed­back you’re get­ting shows there’s a real un­met need in the mar­ket, present to peo­ple how you’re think­ing of solv­ing that prob­lem. Talk about the ser­vice you’ll pro­vide. If peo­ple start say­ing, “I’d to­tally buy it!”, you know you’re on the right track. Tip! Run ads for your ser­vice on free list­ings web­sites to gauge in­ter­est. In­vest in Face­book ads to tell peo­ple about the ser­vice you’re launch­ing. Mon­i­tor the clicks.

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