Growing the Idea

At one point in time, all of us will have a brainwave and that amazing idea will just pop into our heads. We can’t control it – most ideas come when we see a defficiency around us, or a common social issue has occured, or we overhear someone’s frustration and we say to ourselves “I wonder if this could solve their problems”.

But what happens from there? One of two things could happen:

1) You ignore it, thinking “Hmmm… that’s a great idea, but its too hard, and will take too long to develop. Plus, I don’t have the money nor the knowledge to make it work. I’ll just park it for now. Who knows, tomorrow someone else will come up with the solution”

2) You think about it more, get out a pen and get the idea down to a piece of paper, and start framing the idea – and when you have the time, you can develop the idea. Who knows, it might be the next Post It note phenomenon – but you won’t know it until you explore it!

The second option is much more fulfilling! But what do you need to do to ensure that you align yourself to the second option?

There are 5 easy steps you can start doing to ensure you set yourself up for success:

1) Give yourself the opportunity to capture any moment of opportunity: I always carry a small notebook with me and the moment I get the “brainwave”, it gets written down in my notebook. Then, I can continue with my daily grind until I have time to reflect on the notes, and really start to flesh out the details of the idea.

2) Revisit all of your ideas: There’s no point capturing those ideas if you don’t give the idea some time to grow. The beauty of the notebook is that you can reflect on your idea at any point during the day where you have the time and space to dedicate on growing the idea. Revisit your ideas on the train, or during your coffee break – sometimes, all you need to do is to constantly revisit the idea. As time goes by, you are constantly exposed to different things, and each time you revisit the idea, you’ll be looking at it from different perspective. Sometimes, this is enough to give you a different angle on the idea to initiate the momentum.

3) It doesn’t hurt to ask: Most people falter at some point during their reflection, thinking “I don’t really know what’s involved here. What materials should I use? Is there another way of doing this? This is not my field, I don’t even know the right questions to ask!”. My tip: Look at the three key points of the idea:

• What is the purpose of the idea? This about what the idea would solve. Base your reasoning behind the problem it is trying to address in the first place. I usually start off with the problem, listing all of the issues identified, and then seeing how the idea can solve each of the problems identified.

• Why would people buy the idea? Lets be realistic – If the idea can provide you with additional income, why not pursue it! But you have to ask yourself: why would people buy the idea? Would they pay money for your idea? Or, would they tell their friends about your idea? By focusing on this point, you will start to see what your customers would value, and ultimately your idea should focus on catering for these values.

• Why is this idea important to me? It is much easier to sell an idea if you believe in it. If your main goal is just to make money out of the idea, more often than not it would be the breaking point of the idea. Find out why its important to you, and then you’ll discover that majority of it can be used for your pitch to potential sponsors or clients.

If the idea is beyond your knowledge base, turn towards the internet first! Research on existing products in the marketplace, find out if people are looking for a solution to the problem you’ve identified, etc. Sometimes, forums are a great place to ask questions to industry experts. Be warned: once you talk about your idea in the public domain, its up for grabs. So, if you do want to ask questions, frame it to only answer your question without giving the whole picture away.

Also, start using your friends and family. They will give you different perspective and add value to your idea. They probably won’t steal your idea because they know that when you’re successful, they’ll share in that success!

4) Success = 1% idea + 99% research: Research, research and more research! Really understand the context of you idea. How can it be applied in the market place? Research existing products in the market place – you might find a product that’s already out there but doesn’t exactly cater for your market segment or fit in your customers value base. Work on collecting statistics about your market: How many potential customers are out there? What is the current market share your potential competitor holds? What is the demand out there for your idea? These questions will solidify your idea, and most of this material can feed into your business plan later down the track.

5) Never give up: Persistence pays – Thomas Edison once said (and step 4 is a variant from this quote):

“Genius is one percent inspiration, ninety-nine percent perspiration.” – Thomas Alva Edison, Harper’s Monthly (September 1932)

This is extremely true – with everything in life, if you commit and dedicate your time to the idea, it will grow. It can grow into something you least expected, and it might even open up other opportunities. The worst that can happen is that you discover that the idea has already been developed – but don’t be discouraged: look at ways to improve it! Remember: ensure you dedicate a portion of your day solely on working on your idea. You’ll be amazed on what you think of when you dedicate time to really flesh it out!

What happens after you’ve thought it through? You have discovered that the idea is sound, there is a market, the customers are willing to pay an amount for the idea, the idea holds true to your heart, you’re passionate about the idea and you are ready to take the next step. Keep on the lookout for the next post: Protect your idea as I will take you through the process of applying for a patent, what to look out for, and what you need to know to ensure you set your idea up for success.

So go out there and start thinking of ways to change the world!

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