How do you turn an idea into a business?

It’s important to note that, when getting started, “turning an idea into a business” does not mean you need to make money. What you need to do is to demonstrate that your idea has the potential to make money. Once you have validation, you can then leverage that to attract partners, employees, and investors.

Validation can be anything from pre-sales to email signups. All you need is a landing page and a few mockups. Mockups could be videos, some photos, or whatever it takes to communicate your vision for the product.

Here are two examples: Myo made a video (http://youtu.be/oWu9TFJjHaM) that resulted in 30,000 pre-orders, and they leveraged that to raise $15,000,000 to execute on their vision. Dropbox made a video (http://youtu.be/7QmCUDHpNzE) that resulted in 75,000 signups to their “beta waiting list”, and they went on to raise $600,000,000 thereafter.

In a nutshell: Pick an idea. Communicate the vision. Get customer validation. Leverage traction to gather resources for execution. That’s how you start to turn an idea into a business.

Related: How do you find a business idea?

Advertisements