How do I validate my idea to start a business?
What aspects should I consider?
Every start a business project starts from an idea that arises when a business opportunity is detected, thus identifying a “gap” in the market, this initial idea must have “something” that distinguishes it from what already exists, that makes it special, that “something »Will be your success factor. For example: You work in a school and you identify that the children would be happy to take sports classes in the afternoon and that you can use your own infrastructure – schoolyard – to generate other income. Or you have farmland and decide to grow organic products for health food stores.
Once the idea is found, it is essential to follow some key steps to validate it.
- Define the needs that we intend to satisfy with our company to see if it can be adapted to what the market needs, for example: it was identified that the pharmaceutical industry to destroy the remnant of medicines that is about to expire is carried out in part manually and it could create machinery to separate useful raw materials, so it must be known whether laboratories see it as a necessity they would pay for.
- Check if what we are going to do has already been tried by someone before or is currently trying and with what result, we will then analyze their experience to obtain positive consequences for our project.
- Investigate and verify that the new idea does not go against the established laws of a country, both politically, socially and / or environmentally. It is important to seek advice through universities or an expert to see if it is feasible to carry out the project, for example: if I want to make a vehicle, I need to know the technical standards required by law, if there are tax incentives for my activity or prohibitions.
- Analyze and evaluate the weaknesses, threats, difficulties of our idea, trying to introduce modifications to minimize them as much as possible.
- Finally, realistically raise if our project can be put into practice. Ultimately, the consumer is the one who will judge through market research if your model works or not, so quickly build your model and test if your ideas work.
The social return of your company
At present, new business models are emerging, where the company is no longer created “only” to respond to the detected needs of people and thus seek the maximum benefit of this detection, but are organizations that within their business purpose and their business model incorporates a purpose of return to the real needs of society, for this, the preparation of Manuals is required, for a better performance of each of the areas.
This new model is based on the fact that the company MT65 SOLUTIONS LTD, apart from being an entity with an economic purpose and offering to cover market needs, has to achieve certain social results (whether environmental, social, etc.), because if it does not get the company lose any kind of meaning. These companies have within their business approach some objectives of social return, seeking in most cases a balance. For example, a company dedicated to making solar panels to save energy can also contribute through a social enterprise to people who do not have electricity through a foundation to donate solar panels at low cost to people who do not have electricity.