Young Upstarts

All about entrepreneurship, intrapreneurship, ideas, innovation, and small business.

The Life Cycle Of An Idea – From Concept To Implementation

So, you want positive changes in your business? Or want to make your business better by taking some innovative steps?

Well, if the answer to any of the above is a yes, then read on.

Changes emerge from ideas. We get hundreds, if not thousands, of ideas every day. Do all these ideas bring beneficial changes? Not really!

Every successful idea has to go through a lot before being implemented. We’ve curated that ‘lot’ into the following six steps for you.

Let’s take a look, shall we?

1. Creation of an idea.

Creation is the primary stage. One factor that propels it is competition from other businesses. There may also be the need to expand your business into different sectors of the market.

Many successful businesses have a team of innovators for this job. This team comes up with new ideas and steps the company must take.

You can also use platforms like IdeaScale, an idea management software which helps in management of new ideas and assists in taking innovative steps.

2. Filtering out the unnecessary.

Now, you would formulate several ideas. Are all those ideas practical? Would they help your business in the long run?

Scrutinize the ideas and answer these questions. Compare their benefits and their setbacks.

This step is crucial for you to eliminate those ideas that cannot develop your business. You can expect this to work only if the employees work in a communicative environment, where they receive proper feedback and are encouraged for their suggestions.

You can evaluate feedback from your employees. Based on that, you can decide which idea is worthy to be taken further.

3. Check the idea’s feasibility and make changes accordingly.

It might sound exactly like the previous step, but no. After choosing an idea, you must run it through your colleagues (or employees) and friends again.

Collect opinions from people who are aware of business models and discuss it with those who can assess your competitors. These thorough preliminary checks would elevate the chances of your idea being successful.

Based on this feedback from a variety of sources, edit the idea. That is, you should modify it according to the needs of the market.

What’s the point of feedback if you can’t respond to it and make the necessary changes?

4. Experiment.

Wait! Before you dive into experimenting, decide the customer base. Nothing’s worse than an amazing idea being introduced to wrong clients.

Now, you’re off to experimenting.

Introduce the product or the service in a few centers. Develop a plain version of the final product and test it among sample groups.

You would understand the practicality and feasibility of the idea. You’ll also know the flaws that you can rectify before running the next experiment.

Feel free to experiment until the feedback is satisfactory.

5. Calculate the costs.

Once you’ve confirmed that your product satisfies the demands of your customers, it’s time to think about commercializing your idea.

Estimate the profits and the investments it would require. Analyze all the financial demands carefully as a single mistake can leave you in a dilemma.

It is so essential because it decides how your idea rolls out in the market.

6. Implementation and Improvement.

By now, you should have constructed the overall structure of your idea. You should have also gathered the resources for its implementation and maintenance.

Put them into action and let your product go live to your targeted customers. That doesn’t end here.

Depending on the customer reviews, you must work towards improving the product over time. There’s always room for improvement.

Therefore, the sixth step lasts as long as your idea is in the market.

We hope this post has given you the basic knowledge about how an idea is shaped up. Remember to not take any step in haste only to bury your business in a loss. Good things take time.

We wish you nothing but success.

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Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.

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