9 Tips to Turn an Idea into a Business

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Here’s a straightforward approach to analyze a product’s potential and bring it to market.

Ideas: Everyone has them. Few act on them. Even fewer make money from them.

Want to turn an idea into a real business? Here’s an overview of the process fromStephen Key, the author of One Simple Idea for Startups and Entrepreneurs. He holds 13 patents and his products have been sold in retail outlets like Walmart and 7-Eleven.

1. Test quick, test often.

Early on Key realized that in order to eat he had to find out really fast if an idea would work–if not, he needed to move on and find a new one. “But don’t test with your friends,” he says. “The real test is whether people will reach in their pockets and pull out dollar bills. That is the ultimate test.”

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2 Responses to 9 Tips to Turn an Idea into a Business

  1. Having read this I believed it was rather enlightening.

    I appreciate you taking the time and effort to put this article
    together. I once again find myself personally spending way too
    much time both reading and leaving comments. But so what, it was still worthwhile!

  2. Fidel Larocco says:

    There are several methods for developing and testing a business idea. The ability to come up with a business idea can be transformed into a viable business, where ideas supported by feasibility and a business plan can then be sold to interested investors, firms, and interested parties for a lump sum or a management contract, or as agreed. Business ideas, if introduced at the right time, when demand for such service or a product introduced by the idea is expected to surge, can lead to a very profitable business. Business ideas are always available through different sources; however, it is the application applied on these ideas, and timing makes all the difference in failure or success.*

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