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The Journey of a Business Idea

The Journey of a Business Idea

The Journey of a

Business Idea

AJIL  ABRAHAM

Stumbled upon a compelling business idea? The hard work actually starts now! There are many stages of hard grind before an idea actually becomes a bankable, business idea, and at each stage of the journey, there are many a slip between the cup and the lip. More than half of the small businesses who tried to build a business based on an idea have bit the dust at any point in time. Here are the things to keep in mind to ensure your idea doesn’t become a part of this statistic. Also, before going to the details, check out this infographic from us for a nutshell of what it is like traversing a business idea:

Evaluate the Feasibility

An of the Idea is not a business proposition but only a hobby if it is not scalable, marketable and sustainable. The first step when struck with an idea is to evaluate its feasibility or understand where the idea leads.

The moot point is whether the idea actually solves a problem, or is the idea a solution in search of a problem? A viable approach identifies a pressing pain-point upfront and thinks of ways to solve such a problem. For instance, while rolling out a mobile app is basically a good idea, trying to identify situations to fit an app makes it a solution in search of a problem. On the other hand, has identified a need to track the location of small objects such as keys or reading glasses, and then brainstorming an idea, such as a solution based on geotagging and mobile apps, works as a viable business proposition. More often than not, the initial idea requires much brainstorming and whetting. Only ideas which survive an inquisition against cold, hard practical facts, to demonstrate it can solve a clear and pressing problem or satiate a compelling need becomes a sound and bankable business idea.

For instance, a solution to track keys may be workable, but a solution to track humans may be reinventing the wheel, considering people with smartphones can easily be tracked even with existing solutions. Even a solution to track keys may be reinventing the wheel if done using a SIM card enabled keychain. A successful business idea may need to leverage IoT or some other emerging technology to offer a simpler, easier and cost-effective solution to users.

Even when the idea is sound and workable, visualization is one thing and translating the ideas into action quite another. Visions of being able to solve the problem remain a vision unless one has the technical expertise to actually do the needful. For instance, in the example quoted of tracking keys and reading glasses above, one may require the technical expertise to plot objects in a map with a high level of accuracy, within a few meters inside a room, which normal GPS may not deliver.

Structure the Business Goals

After establishing clarity of what is to be achieved and work on the “how.”  Formulate a blueprint of how the idea progresses into a definite product.

Structure the business goals in a clear, measurable, and workable manner. Identify a group of people who would benefit from the idea, and capture user stories from them. Use the user stories and other accumulated insights to identify the exact gap between the actual state and the desired state, and structure the business plan in a way it is able to close the gap.

Success depends on utilizing the right channel to reach the right target groups. For instance, while a scheduling app delivered on smartphones may be a good idea, rolling out such a smartphone based scheduling app for a group of remote workers in a desert location, where there is no reliable internet connectivity requires co-opting plans for full-time Internet connectivity at the facility.

Any new idea invariably includes innovation. An idea is essentially a new way to solve a problem. Without innovation to power the idea, there would be no departure from the existing paradigms, and the idea would essentially be tinkering with the existing solution, or “old bytes in a new code”.

 

 

 

“The stars will never align, and the traffic lights of life will never all be green at the same time. The universe doesn’t conspire against you, but it doesn’t go out of its way to line up the pins either. Conditions are never perfect. ‘Someday’ is a disease that will take your dreams to the grave with you. Pro and con lists are just as bad. If it’s important to you and you want to do it ‘eventually,’ just do it and correct course along the way.”

TIM FERRISS
Author – The Four Hour Work Week

Just Do It

A product or solution which packs in every imaginable feature possible is rarely successful. A truly, successful solution offers exactly what the targeted users require, nothing more and nothing less.

Identify the core or basic features as an essential requirement of the product. Above such core requirements, classify the list of possible features as need-to-have and good-to-have.  It may be worthwhile to pack in such good-to-have features as optional add-ons to a core basic product, to keep cost low.

Getting everything right the first time round happens only by fluke. There is no shortcut yet to the quintessential trial-and-error method. Start with an alpha release and gather feedback.  The best well-wisher of any new product is its most ardent critic. Criticisms of the alpha release constitute a good basis to enhance and reposition the product. Take cognizance of all the feedback and sort it out for the beta release. Of course, it helps if the feedback is given by the targeted users of the product! The cycle invariably continues, with corresponding sprints and releases made as extensions to the beta release, until a perfect solution is found. The official full-blown launch follows when everything is in place.

While trying to translate ideas into workable business solutions, it pays to rely on a competent tech partner conversant with emerging technologies such as intelligent apps and analytics, conversational systems, the blockchain, IoT, and more, and who has demonstrated a flair for successfully facilitating product dreams.

How to prioritize your tasks

How to prioritize your tasks

Have you ever missed an important deadline? Or forgotten to do something important? If your answer is an ‘yes’ this is a symptom of unpolished time management skills. All you need to do is refine your prioritization skills and start to efficiently evaluate your tasks with a proper to-do list. Sounds easy, right?
Prioritization is to keep the most important tasks at the top, and the least important tasks at the bottom. When you don’t even know where to start, here’s how to identify, evaluate, and prioritize your tasks.

Collect a list of all your tasks. Pull together everything you could possibly consider getting done in a day. Don’t worry about the order, or the number of items up front.

Identify urgent vs. important. The next step is to see if you have any tasks that need immediate attention. We’re talking about work that, if not completed by the end of the day or in the next several hours, will have serious negative consequences.

Assess value. Next, look at your important work and identify what carries the highest value. As a general practice, you want to recognize exactly which types of tasks have top priority over the others. Another way to assess value is to look at how many people are impacted by your work. In general, the more people involved or impacted, the higher the stakes.

Order tasks by estimated effort. If you have tasks that seem to tie for priority standing, check their estimates, and start on whichever one you think will take the most effort to complete. Productivity experts suggest the tactic of starting the lengthier task first. But, if you feel like you can’t focus on your meatier projects before you finish up the shorter task, then go with your gut and do that. It can be motivating to check a small task off the list before diving into deeper waters.

Be flexible and adaptable. Uncertainty and change is a given. Know that your priorities will change, and often when you least expect them to. But here’s the trick you also want to stay focused on the tasks you’re committed to completing.

Know when to cut. You probably can’t get to everything on your list. After you prioritize your tasks and look at your estimates, cut the remaining tasks from your list, and focus on the priorities that you know you must and can complete for the day.

Prioritization enables us to maintain clarity on the ultimate goals. We should have clarity on what is expected from us. This enable us to prioritize better.

Theory-Y Technologies

Theory-Y ™ Technologies Inc. is a global information technology solutions & products company, offering progressive & full stack end-to-end software Product Development, especially in startup space.

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MILNA ABRAHAM

She is a performance-driven Human Resource professional with experience in facilitating support services and administration. She has the ability to work to an excellent standard under considerable pressure whilst presenting a positive image to clients & colleagues. She also has the practical understanding of business needs and effective at incorporating creative leadership skills to achieve business objectives.

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We believe in our people, just as they do in us!

We believe in our people, just as they do in us!

Theory Y is a famous management principle which assumes that people will exercise self-direction and self-control in the achievement of organizational objectives to the degree that they are committed to the objectives. You may be wondering why a company calls themselves with a management principle, right? That you will understand just by observing us on a day to day basis. Here as the name implies we believe in our people. The office architecture itself defines what the culture TY is exactly following. This is an open space which symbolizes everything is welcoming and appreciable. The open architecture is conducive through which the people here are very cheerful and they embrace all the opportunity to work.

As the color indicates in the logo, we practice positive and enthusiastic work culture with mutual growth and benefits. This positive and warmth is the base of our success and here it is completely people oriented. This open culture keenly encourages and promotes feed backs and actively promotes them into actions.

The value which TY give to their clients and colleagues manifests the intensity to win. The timely array of delivery and promotion maintains a professional standard which the industry expects. The value of time which everyone invests in TY and the time we invest is of mutual benefits and growth. The benefit and growth are not only constrained to them but also to each and every person who associates with them.

Flat hierarchy promotes and values each and every human being who associates with us. Here we encourage everyone in discussions without fear or negative repercussions. This dynamic culture is very important in modern work environment. This flat hierarchy helps everyone to communicate and share their concepts easily. This free flow of communication and idea sharing promotes and nourishes the associated people. This tend to be more democratic and promotes great level of innovations.

The innovations occur in spontaneous and unplanned ways. We give more opportunity to train ourselves and everyone to think constantly and execute new approach to the old problems. The latest technology trends and the approach which we take helps us to stay outstanding.

This flexible and adaptable structure will help us to make necessary decisions as needed which helps us to serve our clients and companions better. We work together to achieve a common goal in creating a better change for the clients. The above-mentioned factors are icing to the cake, isn’t it?

As a whole this is an innovative, open, latest technology driven place. All these make TY an exciting place to work and give work.

Theory-Y Technologies

Theory-Y ™ Technologies Inc. is a global information technology solutions & products company, offering progressive & full stack end-to-end software Product Development, especially in startup space.

Talk to Us

MILNA ABRAHAM

She is a performance-driven Human Resource professional with experience in facilitating support services and administration. She has the ability to work to an excellent standard under considerable pressure whilst presenting a positive image to clients & colleagues. She also has the practical understanding of business needs and effective at incorporating creative leadership skills to achieve business objectives.

VIEW ALL POSTS