The beginning of the year is an excellent time to launch a new venture. Of course, you must first develop a winning concept. However, in this competitive market, deciding your niche as an entrepreneur might be difficult.
Hence, check these few essential alternatives to creating an excellent company plan:
1. Do the same thing but differently:
There are already numerous firms, therefore you are unlikely to be the first person to think of a concept or product. Many brilliant businessmen squander time and energy attempting to come up with a unique company idea when they should be concentrating on how to be better, not how to be different.
Don't buy the notion that because there is competition, an idea isn't excellent. According to Marianne Cantwell, creator of Free Range Humans, if it is a good concept, there will either be competition now or soon. She stated that Facebook was not the first social network, nor was Google the first search engine. So, understand the gist of it, and follow the trends, begin on similar ideas, but don't forget to improve on them.
Cantwell also suggests making a list of businesses that inspire you and then asking yourself how you could put your own spin on that product or industry. “This way of thinking will liberate you to find more ideas than you imagine, closer than you think,” she says.
2. Train your mind:
If you still haven't checked out Andy Puddicombe's TED Talk, this will be the start of something new. Puddicombe helps to explain why taking time to unwind all the correspondent thoughts and care for our minds is such an important part of this process.
People are preoccupied, he claims, because they succumb to the myriads of thoughts that challenge them in the reality in which they live. A restless, pressured mind is worried about being able to obtain the creativity and sound judgment necessary to create and implement a company strategy. Taking some time to change your mindset and become aware of hazards might lead to a plethora of new ideas.
3. Make calculations that will keep you one step ahead:
Large company concepts are frequently overpowering new ideas for the competition. Consider future methods and developments and how you may enter them, says Sergio Monsalve, a partner at Norwest Venture Partners, a venture capital firm located in Palo Alto, Calif. He advises, for example, considering new ideas for living room and home entertainment system advances given that businesses like Apple are creating new television technology. "What does it entail in terms of new ways to live in your house and enjoy yourself?" he wonders.
4. Don’t ignore small hindrances:
Colin Barceloux believed textbooks were way too expensive when he was an undergrad. Two years after graduation, he processed his mind to intervene and launch Bookrenter.com, a San Mateo, California-based company that provides textbook rentals at 60 percent off. What started as a one-man enterprise out of dissatisfaction has grown to 1.5 million members and 200 workers. "All you have to do is look at what annoys you," he adds. "There you have it, your company concept."
5. Explore new aspects of a business:
Your company concept does not need to start from scratch. You should look at what large companies are lacking and see if you can keep yourself out of that rut. For example, in 2003, he founded Hot Picks, which is currently located in San Jose, California, after seeing that the main companies in the guitar pick market were not producing collectible novelty picks. Key created a skull-shaped pick that filled a void in the market and was sold in 1,000 locations, including Wal-Mart and 7-Eleven. "The large players leave a lot of opportunities on the table," he argues.
6. Know your skills:
You would still not establish an accounting practice if you weren't schooled in finance. When it comes to starting your business, you should definitely follow your background potential and follow what you have learned so far - if you rely on the abilities you already own, you'll be considerably more apt to consider your concept a success. Vicki Anstey, the creator of Barreworks, resigned from her job to open a barre studio after finding a ballet exercise approach that transformed her shape, attitude, and poise.
7. Problem-solving factors:
Thomas Vles created Poopy Cat, a temporary cat litter product, after seeing that his pet cat could not the box with a toilet, only the litter. He stated that he is constantly able to come up with innovative methods to approach problems.
If you carefully observe everything around your home or office, then you'll get to notice a surplus of difficulties or boring activities that might be made simpler by a new product or service. If you find a problem that no one else has addressed, chances are there will be a market for it. Business tycoons said an entrepreneur should not be the brightest or the greatest. It is simply about being bold and taking risks,” Vles explains. “Too many brilliant ideas get underdeveloped; simply get them out there.”
8. New skills for a good grip in the new domain:
Consider your talents and if they may be beneficial in a new sector, advises Bill Fischer, professor of innovation management at IMD, Switzerland's premier business school, and co-author of The Idea Hunter: How to Find the Best Ideas and Make Them Happen (Jossey-Bass, 2011). If you take a look at JMC Soundboard, a Swiss business that manufactures high-end loudspeakers, it created the speaker by combining his expertise as a luthier with his knowledge of diffraction spruce to develop loudspeakers that deliver high-quality sound and it also looks like a sleek wood panel.
9. Find a category with less innovation:
When brainstorming ideas, you should look for areas that haven't seen many recent advancements. When you discover that there are few new advances in the product information label sector, you should work on inventing a label.
So, you should always keep yourself updated about those fields that have gone through fewer experiments and innovations. You will have a bigger chance of winning the shot at starting up a new business with this idea.
10. Try ‘Maybe’ thoughts:
Don't be a perfectionist — waiting for your concept to be perfectly formed can squander months that might be better spent testing out the "maybe ideas" that could potentially become something great.
Sometimes the best ideas seem less than promising at first and only shine when they are put into action. Cantwell stated that you should count yourself fortunate to be able to get an idea out into the world for free in a very short amount of time. Instead of dismissing an idea because it isn't perfect from the start, challenge yourself to uncover the heart of your "maybe concept," try it out in a limited period, and develop it on the fly.
11. Make cheaper products with the same idea:
Companies frequently get started by selling an established product at a cheaper price to clients. Take, for example, Warby Parker, an eyewear start-up founded in 2010 by four business school classmates. The New York-based company sells prescription glasses for $95, which are often priced at $300 or more. It has expanded to 100 employees since its inception.
