What To Do With Your Big Business Idea

What To Do With Your Big Business Idea

Simon Jenner

Monday, 15 March 2021

So, you’ve been struck with your Big Idea… Now what?

Posted in:

Startups

Far too many brilliant business ideas never come to fruition simply because the individuals having those ideas don’t know how to bring them to life.
Despite the giddiness people get once they are struck with their Big Idea, these feelings eventually fizzle out even before the individual builds an MVP for their startup, leaving a graveyard of brilliant ideas residing inside of them.
At MLabs, we want to see every Big Idea get a fighting chance.
So, here are our 5 steps to bringing your Big Idea to life.

Step 1: Determine your Why.
Before getting your feet wet in market research and building your MVP, you need to establish why you really want to bring this idea to life. The process of starting a business is no easy feat, and it certainly isn’t for everyone. Once you’ve established your “why”, you will need to evaluate if this reason is solid enough to keep you motivated through any hardship or future pivots you face.

Step 2: Conduct Market Research.
The market is more saturated than it’s ever been. On one hand, this means you’ll have a lot of competition. On the other, there is plenty of competition for you to analyse and determine what they are doing right, what they are doing wrong, and what gaps in the market they are missing entirely. This analysis will provide you with a plan for reaching your target market, what your USP (Unique Selling Point) will be, and even how to price your product.

Step 3: Create a Business Plan.
Your initial business plan can be informal and a little rough around the edges, but ultimately, it should identify the core components of your startup. Having this in writing will offer you a road map that helps you to stay on-track on your path to success.

Step 4: Build Your MVP.
Building an MVP for your startup is your first opportunity to see your Big Idea come to life. Just like your business plan at this stage, this will be just enough to convey the main components of your product. We recommend utilising no-code for this startup MVP development in order to save both time and money. 

Step 5: Test Your Big Idea.
It’s now time to test your Big Idea among your target audience with the help of your MVP. Gather user feedback and apply it to refining your MVP app. Continue to conduct user testing and MVP modifications until you have a product to take to investors that you’re proud of.

The early stages of a startup can feel a bit like floundering. But by following these steps and being comfortable with the uncomfortable, you’ll be on your way to seeing your Big Idea come to life.
Additionally, our No-Code Bootcamp was designed for both technical and non-technical founders just like you. We’ll teach you how to use no-code to build an MVP for your startup, help you conduct user testing, and even offer you the opportunity to pitch to real investors - all you need is a Big Idea. We’ll see you in the next cohort.

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