Just curious what everyone's process for turning an idea that you just thought of into a real opportunity. Essentially the period between idea generation and actually executing on that idea (if there is a period of time).
My process is:
1. Lots of Google searching for potential keywords to see if anyone's posted about a need, or if there is a start-up there already.
1a. If there is a definite need, proceed to Step 2. If not, proceed to Step 1b.
1b. Look for start-ups already in this space. If there are, proceed to step 1c. If not, step 2.
1c. Is there a way to do it better? If yes, step 2. If no, kill idea.
2. Research and answer the following questions:
What is your idea?
Why would someone want to use your idea?
Who are your competitors?
What if a big player enters your business?
How will you differentiate yourself from them?
How will you make money?
How will you reach your customers?
What is the time it will take you to launch?
How much money will it take to get a revenue-generating version of your product?
How will you convince people with complimentary skill sets to help you?
3. If the answers are satisfactory, tell friends and colleagues about potential opportunity.
It's a bit more complicated than this, but I hope this gets the point across. Not surprisingly, most of my ideas have been shot down at steps 1 (especially 1c) and 2.
Would love to hear everyone's processes and feedback to hopefully improve my own. Thanks!
1) Meet someone at a pub and introduce each other.
2) Learn everything I can about his work/business, rank within the organization and what they do.
3) Discover something we can work on, either on the spot or after another planned meeting, this time over coffee.
4) Bet the farm and everything you own on a potential joint venture, give them a 2 month timeline til project.
5) Research like crazy and learn everything you can about the project, the client, their business.
6) Have the client write you checks weekly while you solve the general case.
7) Deliver the project, launch a "startup" on the side and get support and improvement contracts from the client.
8) Work 4-5 hours a day on this startup, reach out to the world and see who else is interested in the product and how can you help the industry.
9) Write articles for industry and trade publication and be sorta famous for computerizing one aspect of their business.
10) Gather ideas for sub-projects and launch a software sweatshop of one man, churning out good stuff for a handful of big boys, work like crazy, and be wired the whole fucking time.
11) Look around you for an exit, having discovered you pretty much painted yourself into a corner in terms of interesting problems to solve ;-)