Identify a gap in the market
This might be stating the obvious, but it’s perhaps one of the most valuable pieces of advice that’s often overlooked – especially considering the number one reason why startups fail is due to misreading market demand.
Identifying a gap that needs filled is not about doing something new, but doing something different. And while it’s important your idea should be a profitable one, it should also align with your own interests.
It might feel like you’re stuck in the mud when it comes to reinventing the wheel, but perseverance and some brainstorming should bring you the light bulb moment. Using what you already know from your own experiences can also help you come up with an original idea.
Know your audience
Quick hint here – your audience will never be ‘everyone’. There will always be a demographic that your product or service is better suited for, so identifying who that might be is key.
Market research will help you identify the wants, needs, behaviors and attitudes of your target audience and how your product or service will serve them best.
Never underestimate the power of a solid business plan
Having a clear vision and focus while staying objective is paramount if you want to be taken seriously and have any chance of your startup getting off the ground (and staying off the ground).
Road-test your idea
This is where the fun starts! Road testing your idea can really help you get to know your business idea and what changes are needed before going public.
Master in Management students at IE Business School in Madrid have the opportunity to foster their business idea and discover market trends and opportunities to help drive their business forward with the help of the Venture Lab, a specially designed startup incubator.
Students can also choose to study the Master in Finance or International MBA tracks as part of their degree program, meaning they can get a good handle on their overall business expertise and sharpen their entrepreneurial skillset.