Got a Great Idea? Here is how to turn it into a Business

by Isaac K.
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40% of businesses fail within five years of operation. 30% fail within their first year of operation. There are many reasons why these businesses go down. The initial failure rate is, however, as a result of poor planning. If you are an entrepreneur with a good idea but clueless about transforming it into an ideal business opportunity, then there is a need to pursue prototyping services.

The prototyping cycle has three major cycles known as design, engineering, and, lastly, production.

The objective is to maneuver the interface and move from one loop to the other. But in the end, you will realize that you need to run one phase more than the other before you get everything right.

It is not easy to create a new product in 4 months. Many successful entrepreneurs develop theirs in 9 to 12 months, and others accomplish that in fifteen months. Some products may even take longer.

Understanding the Loops

1. Create a Prototype

With the right market in mind, it is now time to make sure that you’re following the proper legal path by creating a prototype. This is where you decide if the product will be manufactured or just licensed. The former implies that you will create and then sell the product yourself. This involves covering another party to manufacture your product.

2. It would be best if you Worked on the Elevator Pitch

Before you finish a product, you should talk about it to your entrepreneurial contacts. It is crucial to have a great elevator pitch- concise, succinct, and with a hook.

3. Design Loop

Entrepreneurs look for designers after spending several hours thinking about what they would like to design for consumers. This may let designers bypass the outset of the loop’s designs, a critical phase that involves a product’s concept generation and user research in identifying various product opportunities.

4. Engineering Loop

Engineers work with industrial designers in the design phases, make suggestions, and find solutions to problems. When the engineering phase begins, designers hit the ground, often running and turning this design piece into various parts that require manufacturing. In case there are similar products designers have gotten their hands on, they are torn apart for benchmarking.

5. Production Loop

The production loop is lengthy and involving. You will be surprised by its length. It consists of finding vendors, putting the design on papers, and waiting for tools. The regulatory compliance phase is also involved and takes longer.

6. Find Your Market

Picture your ideal user so that you determine if your product fits into the target audience. Consumers have different consumption habits coupled with needs to fulfill. They, however, also face the same problem that needs to be addressed. Find a solution to these problems.

Final Thoughts

For entrepreneurs, it is the connection between frustration and technology. Idea-wise, it all begins with the need to solve a problem where something you are trying to achieve is difficult. The service provided may be poor or the product bad. Such inspiration comes from all corners of the earth. With the four phases of prototyping services, you can bring your business to life.

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