Have an idea and don't know where to start? We spoke to Murdoch University graduate and entrepreneur Jeremy Chetty to give you some tips from someone who has done it! Read on for practical steps you can take to turn your business idea into reality.
Step 1 – The Lightbulb Moment
First things first, you need an idea. Ideas come about when we feel we can do something better. Have you thought of a better product or a way to improve a product; or a better way to do something? How can you make life easier for others or yourself? Have a think during your day-to-day, are there ideas to start a new venture and improve something around you?
Step 2 – Passion and Belief
Without passion and belief, your idea isn’t going to thrive. You have had your lightbulb moment and are guarding it with your life. Just remember everyone has ideas! The success or failure of a good idea lies in good old-fashioned hard work.
“The idea only equates to about 1% of the venture, the rest is perspiration and effort. In the early stages of a start-up, all you will have is your belief and passion. It will get you up in the morning; drive you from meeting to meeting even though you keep getting knocked back," says Jeremy.
Step 3 – The Risk Factor
You’re half way there. It’s time to consider the risk involved in getting your venture off the ground. What are the obstacles that are going to prevent you from starting this new venture? Do you have a mortgage you need to pay each month, a circle of friends that don’t support your new found venture? It’s time to think about those things that are going to hold you back. Most aspiring entrepreneurs forget this important step as they are consumed by the youthful enthusiasm of jumping straight into a new venture. So make a list of things that you need to be mindful of before you take your idea to the next stage.
Step 4 – Research
Test it! Bounce your idea off the people around you – friends, neighbours, the community or someone at the bus station.
Jeremy says, “Try the ‘100 person test’. Survey 100 people (they can be family/friends/associates) and see how many of them validate your idea.”
Research also involves looking at competitors in your industry and selecting the target market that will buy or use your product. By the end of this step you would have increased in confidence and become quite the storyteller and salesperson.
Step 5 – The MVP
You’re ready to build your product! In the start-up world it’s called an MVP (Minimal Viable Product). This is really your prototype that you can begin testing with a sample market that will buy, download or sign up. It is a great litmus test of how the market receives the product but also an opportunity to iron out the bugs and fix any problems. Remember trial and error! Get feedback on MVP version 1, version 2, version 3 – it's an ongoing process.
Step 6 – To Market, To Market
Off to market you go! It’s time to launch your product. It’s always good to consider a soft launch first so that if you run into any issues, you can iron them out without too much damage to your brand. Jeremy Chetty says “Young start-ups usually want to go big quickly and become the next Facebook or Instagram. Truth is those start-ups were not an overnight success and grew organically before they exploded.” You’ve got to work hard at it!
Study Entrepreneurship at Murdoch
If you’re serious about turning ideas into action you'll be interested in our new Bachelor of Commerce + Bachelor of Entrepreneurship and Innovation course. In this practical, hands-on course you will learn to ideate (develop new ideas) and have the opportunity to create a product or service that you can work on and nurture throughout your degree; and possibly launch it in your final year!
Wanna hear more from Jeremy?
If you’re a Murdoch student you can hit Jeremy up for more advice! Jeremy Chetty is our Entrepreneur in Residence at Launchpad. Jeremy is also a Murdoch graduate and co-founder of Student Edge, Australia's largest member organisation of highschool, TAFE and university students. Jeremy is on campus on Mondays and Thursdays, 12pm-3pm, in booth 3 of Launchpad. No bookings are necessary, however the line can get long so feel free to drop Jeremy an email to check first.