The ideas that you are able to cook up as an entrepreneur these days give you a significant competitive advantage, especially if you are able to bring those ideas to reality – executing on ideas that have the potential to be industry defining or total game changers, the kinds of ideas that can make your dreams of success a concrete reality!
A lot of entrepreneurs spend a ridiculous amount of time trying to come up with the “next big thing”, but many of them have no real idea of where to start, no idea of how to gestate ideas, and no idea of how to determine quickly – and inexpensively – whether the “next big thing” is really the next big thing, or just the next big flop.
Use the tips and tricks below to help you come up with more world-class ideas, the kinds of ideas that can send you on a path to financial freedom and success in business that most people only ever get a chance to dream about.
Let’s dive right in!
Focus on the gaps in every industry
In every single industry there are significant gaps in service or products that just aren’t scratching the itch of the customers in that market, and it’s important for you to find those gaps in service or to find the kinds of products that fill those gaps – giving you an immediate competitive advantage that you wouldn’t have been able to leverage otherwise.
You’re going to have to do some significant research and due diligence to find these gaps, but once you do you can exploit them to skyrocket your business success far faster than you would have been able to before.
Jump in on emerging trends
Emerging trends, new technology, and new solutions that haven’t taken off yet give you a fantastic opportunity to steal the “pole position” in these industries. By jumping in on the action before things kick off, you have the opportunity to start out on the ground floor with a head start over the rest of your competition.
This will also give you a fantastic advantage that you can use, but you have to be careful not to blaze a trail in the wrong direction. That’s the fast track to building a flop.
Test, iterate, measure, market
At the end of the day, regardless of the ideas you come up with, you need to find a way to rapidly test those ideas in the real world before you spend a ridiculous amount of time or capital on a solution that no one is interested in.
Start small with a prototype solution, a bare-bones product or service like the original iPhone, and see what the temperature of the market is.
If you have a hit, iterate new options, new features, and new services that you can add on to the original product to grow its functionality and its usefulness. From there, measure the success of each iteration, changing and adapting on the fly, and marketing your product more and more aggressively each time you find a winning formula.
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like How To Successfully Grow Your Business In The Age Of The Customer, Top Digital Marketing Strategies for the Small Business and all topics related to Business development, if you are interested about Setting up a business in Singapore visit our website for more information.
Company: Singapore Company Incorporation Consultants Pte Ltd
Address: 10 Anson Road International Plaza #27-15, Singapore 079903
Telephone: +65 66531211