Turning a great idea into a business requires careful planning and strategic execution. This ebook offers advice and insight on how to get the ball rolling and make sure all the pieces are in place for the best outcome.
From the ebook:
Everyone has at least one idea for the next big thing. What makes startup founders different is their willingness to take action to make one of those ideas a reality. If you’re thinking you may want to leave your day job and set out as a founder, it might be helpful to reflect and make a plan. But once you’ve made up your mind, you need to go—and quickly.
Do your market research
Conducting market research is the first step to determine if you really do have an idea worth pursuing. Begin your research by writing down what you think the problem is that your business idea would be solving. Write it down and keep it in front of you.
Figure out how many people are having this problem you’re solving and go talk to them. Consider writing up a survey for these potential “customers” to take and see what they have to say. After you get your results, check out the competition and figure out if you are different enough (in a good way) to do battle with them.
Keep all your research materials when you’re finished, as they could be helpful in securing funding later on.
Secure intellectual property
Intellectual property (IP) refers to the process by which an individual or company can own the rights to a created product. Examples include patents, copyright, and trademarks. It is vital to the success of your company that you follow the proper protocol to protect your differentiating factor.
By securing your IP early on, you’ll protect yourself against copycats. Conversely, make sure you’re not the copycat, even inadvertently. Confirm that you aren’t violating any existing IP rights or non-compete agreements; otherwise, you could face serious legal ramifications. Once you know you’re in the clear, file your patent or apply for your trademark or copyright.
Pro tip: Once you have command of the IP, transfer it to the ownership of the company once it is incorporated.