How many times has it happened that a game-changing idea has crossed your mind but you have asked yourself - “Next what?” You have got an idea that can change the lives of many, but you do not know where to start from.
How many times has it happened that a game-changing idea has crossed your mind but you have asked yourself - “Next what?” You have got an idea that can change the lives of many, but you do not know where to start from. Turning your innovative business idea into reality takes a lot more persistence, passion and completely depends upon your potential to execute. Some of the business ideas never get to taste the reality of the world, because they are not executed properly. The key to a successful venture is its execution. Take up the example of some successful entrepreneurs - some of them took time to establish their ventures, some of them did not give up on their first idea, some of them went out of the ways to make it happen. They conceptualised it well and brought it to life. Had they given up on their ideas at the early stage, you would not have been enjoying the perks of Google, Amazon, Facebook, Uber, and many more.
But before we come to the execution part, we need to know what defines as creative and innovative product ideas. For that, ask yourself one simple question - “Does your idea solve someone’s problems or ease up the lives of people?” For example, earlier people used to go out to buy groceries, but now, with everything coming on a digital platform we can place the order from the comfort of our homes. The E-Commerce portals have not only made our lives easier but also save our time. And that is the reason why they are quite a success! The takeaway from the above example is - we need to remember that our product will be used by the end consumer and must have that one ‘X factor’ that makes them use the product.
Sometimes some innovative business ideas are born out of someone’s necessity and some are born after thorough market research. Your business idea will get off the ground only if it has a viable market. Plus your innovative business ideas need to have an ‘X factor’ to make it stand out from the other brands’ crowd. Therefore, it is necessary to review your market properly and identify your strong points before entering the market.
In a nutshell, before executing your business idea, have thorough knowledge about your target audience, your competitors and the distinguishing factor which will help you have the strong foothold in the market. Now the next step is execution!
Leveraging the right resources at the right time is quite important for a profitable business. Making a strategy with a step-wise plan is not all, the hard part is to implement it in this cut-throat market environment. It will happen only when you will make the most of the given opportunity and will turn all the odds against your favour. Do not let the opportunity go that comes your way no matter how big or small! Because you can never tell which opportunity will open the door for you to new avenues.
One such opportunity is brought to you by Rajan Nanda Innovation Lab (RNIL), an innovative body owned by Escorts Limited, India’s one of the leading engineering companies. RNIL is coming up with its unique challenge programme named The Inter College Innovation Challenge (IC2) for the college students across India). It is the platform for youngsters to turn their innovative business ideas into flourishing businesses with the seed fund of Rs.10 lakhs. All you have to do is submit your clutter-breaking idea in the fields of agri-tech, infra-tech and rail-tech! If your idea has the potential, then you can be one among the top 10 winners to get the seed fund of Rs.10 lakhs each. RNIL will not only back you up with the capital money but will also provide you with the right exposure. So, wait no more and submit your idea now!
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