New business idea - now what?

0:03 Welcome to business purpose and clarity with petri I'm your host we talk about startup life insights practical tips mistakes failures and everything between what to do when you think you have a new business idea what are the first things to do sometimes you may just stumble upon a a way to do something but you don't really have a business case nobody needs it this thing is so great that you want to use it you have a hammer and you're just looking for nails on other occasions you just might even be literally stumble upon on something and you need a solution you don't know what is the solution but you know that you need a solution for because there's a problem and you.

1:08 Desperately want to solve this problem and this is another way to go which one is better you tell me send me your comments ideas but let's move on before going too much into details before doing too many things before committing too much maybe it would be worthwhile to test your idea but how do you test it something you don't have how about doing it the amazon way you make a press release yeah right I can hear you saying now well yes yeah right you should do a press release but just for yourself and for your team if you have one make it so awesome make it so good that you actually commit to do the whole well it's not believing on your own marketing this is not what this is about the point is you should like in any proper.

2:11 Pr press release you should what is what you do who is the customer what are the benefits and now I'm putting it in bold what are the benefits for the end user describe the use case who would benefit from this why it's so awesome why somebody should buy it all those great things and when you focus on the to the problem and the solution it becomes more evident whether you have a business case or not if you don't believe on your own pr exercise marketing piece do you really have a business case well if you think you have some awesome and a4 type of a business plan if you will are you proud of it well the next phase could be that you test it with the live audience.

3:14 Try to sell the idea to actual customers potential customers of course at this go out and test your bids can you find someone who actually needs the thing can you find someone who is willing to become your peer customer your first customer your test customer can you find someone who is willing to actually pay for the product you're building what you don't have at this point well if you're getting some lame if you're getting yeah it sounds good when it's really type of responses I think it's time to hit the brakes and think again maybe you haven't find the right audience maybe they don't know what they maybe you're right maybe you're ahead of your time or maybe your pr doesn't work you haven't described it properly or you haven't defined properly the problem or there's no problem at all.

4:18 All these things can be true even at the same time if you fall in love with the hammer and you desperately want to build a there is a risk that nobody needs to hammer you're just having fun how do you describe a thing which takes all your time all your money and all your dedication well it could be described as a hobby as but it certainly is not a business if you start with marketing you could also think about it from a way that if instead of a hammer you have a power drill how do you market it people don't really need power drills they may need a frame to hang on the wall or they need the that's what they need in a very simplistic terms they don't actually need the drill the thing they need to end result the.

5:22 The solution could be a pretty picture on the wall that's what they need the rest is like details if you focus on the drill that's one thing but if you focus on the how they make people's walls prettier what out the put something on the wall drilling is one solution but maybe there's other ways non-invasive ways to put something on the wall and that sets your focus in a different direction be really careful how do you and define where your focus will go and what will you do for years to come good luck with your marketing bits.