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How to Know If Your Idea Is Worth Pursuing

Entrepreneurship can be quite tricky. For instance, you just spent long hours researching product ideas without success. Then, while walking your dog in the neighborhood, you screamed, I have an idea for an invention. For a moment, you felt like Albert Einstein and were convinced it was your eureka moment. You rushed home to inform some friends about the idea, and they were favorably disposed to it. But after a few months of product development, things went south. The investment seemed to be a waste. So, how to know if your idea is worth pursuing?

The above scenario is often the fate of many entrepreneurs in the 21st century. As an entrepreneur, you should not assume that an idea is worth the investment because of your associates’ validations. Indeed, there are metrics to measure product viability.  

To save you hours of regret and loss of investment, we’ve come up with a guide to help you know whether your product idea is a yay or nay. Similarly, this article serves as an invention idea help. So don’t hesitate to share with your pals.

If There Are People Willing To Pay For It

It’s well known that no company can survive without customers. In the same vein, great ideas can only thrive because people are willing to pay for the product. But then, before you test the customers’ willingness to pay for your product, you ought to identify your target audience.

If I have an idea for an invention, it could be targeted toward a particular gender or age bracket. Similarly, you could decide to sell to individuals or supply other businesses. Some developers prefer government agencies as their customers. 

Next, you’ve got to determine if your customers can afford your product. You can use economic trends and government reports for reliable data or statistics for invention idea help. 

To determine if people are willing to buy your product, you might have to research. Fieldwork comes in handy at this stage on how to invent my idea. 

It is common for many entrepreneurs to experiment with this phase with their friends. But your friends might not tell you that your product is not worth buying to massage your ego. Instead, they most likely give you a nod, which is largely unhelpful. 

Therefore, you shouldn’t rely on friends’ opinions when you have an idea for an invention. Product developers ought to go out there and encourage people to be objective about their products. 

If you discover many people are not willing to pay a stipulated price for your product, it is not to say that they do not need the product. Instead, you may only need to consider an alternative business strategy or model. 

If There Are Similar Products On A Market

Let’s be clear on this. A new product is not necessarily a unique product. So, if I have an idea for an invention and discover a similar product is already in existence, it’s not the time to back off. In fact, such an existing product is only a validation that I’m on a profitable path. 

The business world is full of stiff competition. Since one’s idea is similar to an existing product, I must learn how to invent my idea in such a manner as to outshine the competition. And to help market products effectively, Seth Godin’s Purple Cow strategy comes to mind. 

You must have heard about the phrase “Purple Cow” at one time or another. How many times do you see a purple cow around? Rarely, right? Okay, that’s great. This same principle applies to product development. You probably can’t help your ideas being similar to another product in the market. However, you may put in more work to make your product stand out. And this is the essence of the “Purple Cow” concept. You should stand out from the crowd. 

To beat the competition, you can apply the competitive position matrix. Brand perception is a subtle invention idea help. What picture would you like people to imagine when they hear your product’s name? What is that subtle distinction that makes your product stand out?

You could reduce product prices to shift people’s attention to you. But there must be a correspondingly high-quality product. You cannot afford to sacrifice quality for cheap products. In the beginning, customers might be influenced by the low price, but this newly funded patronage will not endure for long. This is because customers are not just looking for affordable products. Quality tops their list when choosing desired products. Hence, I must ensure to produce quality products when I have an idea for an invention. 

If There Is A Problem Your Idea Is Solving

The world has to battle new challenges and realities from time to time. And if the cliché, “necessity is the mother of invention,” is anything to go by, these problems provide opportunities for developers to exploit. Indeed, existing problems are a great inspiration for how to invent my idea. 

Do you ever wonder why some innovators are more reckoned with than others? The secret lies in that these popular developers successfully solved human challenges. For instance, Elon Musk got his invention idea help from the need to have a healthier environment.

The United Nations has continually warned of the dangers of the Greenhouse effect and global warming. So to promote a paradigm shift from fossil fuels to sustainable energy, Tesla created electric cars. In 2020 alone, Tesla helped the world avoid 5.0 million metric tons of C02-equivalent emissions.

Problem-solving can be reactive or preventive. For example, if you are an avid researcher, you might discover a problem likely to occur in the future. To this end, you can get to work immediately to forestall such challenges. However, other times, you might not be able to predict a future occurrence. Hence, you might have to facilitate a suitable solution in the shortest time possible. 

Now, the question that is probably bothering your mind is how to research the problems people face. Your research methodology depends solely on your target audience. For example, if you are trying to build products for companies in the textile industry, you can approach them to know their pain points. Likewise, you may want to make the world a safer place to live by creating high-tech surveillance equipment. One thing is certain. When you approach several people in the same industry, they will likely have similar problems. So you can note the patterns and come up with a robust solution. 

If It Is Sufficient Market Size

Before committing to a project, you should ascertain that there is a niche market for the idea. Of course, your product needs not to be beneficial to everyone. You can target a particular population and maximize profits. The world has a population of about 7.9 billion people. And different groups have specific needs. If you can position your brand as the go-to store in a particular market, you will gain more customers. 

To lay emphasis, you don’t have to create generic products. There are specific groups that need special products. For example, you might not know that the LGBTQ+ community is estimated to spend over $3.7 trillion globally. Brands like TomboyX, therefore, came up with LGBTQ-inclusive underwear. The company raised over $25million in funding even without any fashion experience.

You could target the pet industry or over  2.7 billion active gamers globally. These are examples of big enough markets for your ideas to thrive. 

If You Will Be Able To Make A Return On The Investment

Business financing comes in different ways. For example, some developers could sponsor their ideas with the little savings they’ve got. Likewise, loans from financial institutions, friends, and family are common options. 

On your part, you might not be lucky to have sufficient savings or friends who could lend you some money. Therefore, pitching to investors might be the only option. But irrespective of the mode of finance, an idea must be able to bear financial fruits. Solving societal challenges is not enough. You ought to be making profits from your product investment. 

Research readily comes to mind if you want to make returns on your investment. Prepare a comprehensive document stating your capital. Know how many raw materials costs. Also, the manufacturing equipment and salaries will gulp a substantial part of your capital. 

Granted that your profits outweigh the investment, your idea is worth pursuing. Therefore, financing and investment returns are veritable ways to guide how to invent my idea.

If You Have Time Or Will Be Able To Allocate Time To Do It

Successful entrepreneurs prioritize their business. In infancy, product ideas require all the time you’ve got. Therefore, you must pay close attention to the product development process; otherwise, your idea is doomed to fail. 

On average, it takes about 2-3 years to start making substantial profits on a product. Furthermore, your product can only be deemed successful after about a decade of consumer satisfaction. It is safe to conclude that time management influences my decision on how to invent my idea. 

So if you are not ready to sacrifice a greater part of your early years for an idea, then it is not worth developing after all.  

The Takeaway

Many companies fail not because they don’t have great ideas. Rather, they fail because they invest in products that people don’t want – at least not at the moment or in years to come. In entrepreneurship, customers are gods. They dictate the needed products. And you have to flow with the tide. If you have to shove a product down consumers’ throats, you might have to dump such an idea for a more acceptable product. 

Remember that the objections above are not to frustrate your product development process. Rather, they are a means to ensure that your idea lives up to expectations. Accordingly, if I have an idea for an invention, I can always turn to this article for proper guidance.

We will be happy to help you as well. So, schedule a consultation with us to discuss your idea.

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