Beginning The New Year is the perfect opportunity to take big risks and implement fresh ideas in your business. But the excitement of a new idea should not distract from the need to confirm whether the idea is viable or not.
Research must be done to determine if the product will perform as expected in a particular market and if consumers actually want or need what you are offering them. To help you get started, 10 members of Rolling Stone’s Culture Council share some important steps to help you and your team take an idea beyond the initial “excitement” stage.
Conduct market research
Research the target audience, competition and market potential for your idea. Ask yourself questions like: Is there an existing market for this product or service? How is it different from what already exists? What resources do I need to bring this idea to life? – Theo Sastre-Garau, NFTevening
Introduce your friends and family
If your family and friends don’t understand or don’t see it as a good idea, that’s a big sign to back off. Most people reject the advice given by friends and family, but they are the people who are likely to give the most honest views on situations. – Jenny Ta, web3vcfunds.com
Create a structure for success
With any new initiative, it is important to ensure that the structure for success can be created. Without a blueprint for how to strategically tackle the challenge, the idea is likely to fade into oblivion and never be completed. – King Holder, PROCUSSION
Determine how the idea can solve the problem
The key word here is “solution”. Will this idea really solve the existing problems? How, exactly? If you can answer these questions, you’re on the right track. Then comes the most challenging part: is it feasible? Be honest about your abilities and you’ll find that new, valuable ideas are actually rare. – Jacob Mathison, Mathison Projects Inc.
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Identify what makes your idea attractive
It’s easier to get excited about a new idea at the beginning of the year. But it’s important not to let that excitement stop you from taking a step back and figuring out if the idea is worth it. The key is to figure out what makes your idea compelling and then harness that energy to make sure your plan can be executed effectively. – Kristin Marquet, Marquet Media, LLC
Make one sheet
Ideas are exciting. Each of them requires time, energy and money to implement. So, in order to assess whether an idea is viable, the person thinking about the idea should immediately make a sheet. This includes what the idea will be called, what its function will be, and an ROI assessment, not only in terms of whether this idea will at least pay for itself, but also what value it will bring to the community as a whole. Then sit on it and look at it again a week later. – Susan Johnston, New Media Film Festival®
Break the idea down into basic hypotheses that must be true for the idea to work. Then figure out how to test and prove or disprove each hypothesis as quickly and cheaply as possible. – Drew Silverstein, Amper Music by Shutterstock
Create a budget and cost estimate
Start making it a reality by determining what actual work will be required. Identify the actual people who will do the work and what that work will consist of, then use that information to create budgets and cost estimates. Then honestly evaluate, after all that work and expenses, what would actually be achieved and see if it’s worth it and where you wanted to end up. – Kevin McGee, Anderson Valley Brewing Company
As a therapist, I use measurable tools like SMART goals to help my clients organize and rationalize potential ideas or initiatives. This process requires considering those ideas and then conducting the research necessary to explore them as specific, measurable, achievable, relevant and time-bound. This process can take time, patience and commitment. – Sonia Singh, Center for Inner Transformations
Give yourself a time frame to get it done
Give yourself three months to make a plan and then execute it. It will all be up to you to decide if you can be successful. Define your goals, delegate responsibility, quantify successes and show up every day. Starting something new can be difficult, and when the initial enthusiasm wears off, make sure everyone is still willing to show up and act like it’s day one all over again. – Stephanie Dillon, Stephanie Dillon Art