In continuation with my earlier post
All the start ups are born out of idea. It is the nurturing of the idea and the continuous effort that a company puts in building the idea that leads to the formation of a large business enterprise.
But the very concept of idea is not enough; it has to be backed up with proper data and study. Some of the very practical point to be noted while we are in the process of building up the idea is:
- Idea is come like a spark and also go like a spark. Studies have shown that out of various ideas that are generated; only 1-2% of them really see the end result.
- The most important thing to note is that a lot of money goes in building up the idea. Sometime you are so close, so close; just an inch more before the final concept, and you realize that it cannot move any further from here. E.g – You want to create and app for a super smart phone, that can act as a seismograph device, alerting you before an earthquake. Sounds great, you start working on it and after investing a lot reach a road block.
- Sometimes company develops a very nice product, so good that it’s practically has all that you need to make it a success. The product is developed and launched in the market, bombarded with marketing, people go crazy, buy the product take it home, and finally realize it is very difficult to make.
- There are so many products that are launched, every month but only a few actually become successful. Companies now adopt a secure way of brand extension, to launch a new product
This and a lot more are the shortcomings. But there are successes, and these are mostly because a lot of markets study, brainstorming and analysis is done to launch the product. It is important to understand that any idea that is build up on an assumption is most likely to fail. It is only those ideas that backed with proper data and understanding has a chance to succeed.
=============================================================While most of the people choose to work with established brands, I have chosen to work with new brands, new products. After working with one of the largest MNC’s – Hindustan Unilever Limited, I have worked with start-up ventures likes Typhoo and Vegit.
If all the talent wants to work with top notch companies, how will a start up evolve, create economy, create employment and create empowerment.
FMCG – Foods Professional
Business Consulting, Change Management, Sales Management and Motivation