Getting the next billion dollar business ideaSharika S Nair
The world’s biggest problems are the world’s biggest business opportunities. In the near future, we may not need roads, as navigation within the city might become completely air- borne. Wholesome meals are likely to become a thing of the past as people struggle for time.
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Developing alternatives to similar problems and a billion more is likely to give rise to innovative entrepreneurship. Revolutionary technologies like robotics, 3D printing, and synthetic biology, to name a few, are being chased by budding businessmen and businesswomen to give them an edge over the others. These technologies could perhaps solve issues when no other alternative can be found. However, the catch lies in spotting these technologies and converting them into opportunities.
According to CB Insights, your startup has a 1.28 percent chance of becoming a unicorn. Of the companies that raised money in 2008 and 2009, a little over one percent reached the billion-dollar valuation mark.
This could be the path to making your dream come true:
Build an ‘unusual’ foundation
Look for opportunities that are totally new. These ideas may have a billion dollar potential. You may find them when you search for new developments in your sector or who invested in their trial. It’s worth researching on these aspects before making any decision.
Get your hands dirty
Most great ideas come from people who have experience trying out various things. For example, while working on a particular machine, you might come up with alternatives related to what can be done to reduce production time or even how to decrease power consumed during the process. It might not be directly related to what the machine does, but it may solve a bigger issue.
Do ample research
Take time out to research on trends and identify a particular pattern. Talk to as many people as you can and get insights. Find out which one is the brightest and the best.
Make sure it fulfils a need
When there is a problem, someone has to be doing something about it. It could be an issue that hasn’t been tapped into. It does not necessarily have to be an idea born out of passion. Once you understand the customer’s need, the scope for customer retention rises exponentially.
Check if it can sell
A product cannot be amazing if it can’t sell. Your immediate requirement should be checking what works and what doesn’t. Selling the product is the easiest way to pick out loopholes and then work on them.
Collaborate with the best
Develop your idea by collaborating with like-minded people. Form a team of high performers who will make a difference to your business. Hiring amateurs may look like a convenient option, but in the long run you may have to pay a huge price for it.
Plan your next move
Be observant. If you think a strategy might not work at present but may be viable later, discuss it with your team. In the next six months to one year, you will get an idea of the latest trends and technologies. Try to develop a vision and foresee the future.
As a businessperson, you’ve probably envisioned your dream and have it all chalked out. Of course, you can’t make a billion bucks overnight. Even if you can’t hit a billion bucks within the expected time, the effort will be worth it!