What Happens Once You Have An Idea?

[Twong]

I see a lot on here of discussions of is this idea good, that idea good, or this idea turned out this way, or of the ideas being almost all internet related (websites, internet marketing, app development, reselling, etc.).

My question is, once you have an idea for a physical product, what then do you do to start executing it into reality? Say this was a time before mechanical pencils existed. One has an idea of a pencil that doesn't need to be sharpened or replaced as frequently (mechanical pencil). What are the typical steps to end up with a physical product that is now being mass produced and sold worldwide?

Do you just build a working prototype, and then walk to local businesses and do a sales pitch? And then what when your sales overcome your ability to produce? What if it's an idea that is beyond your physical ability to build yourself? Or that you just don't have access to the machinery or materials to do it? Or maybe you simply can't afford the machinery or materials? Even if you know fairly certainly that it will be a good product, would this be a scenario where you simply don't execute this idea, but instead attempt something more obtainable for yourself?


Any insight will be awesome!

 

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[H. Palmer]

I see a lot on here of discussions of is this idea good, that idea good, or this idea turned out this way, or of the ideas being almost all internet related (websites, internet marketing, app development, reselling, etc.).

My question is, once you have an idea for a physical product, what then do you do to start executing it into reality? Say this was a time before mechanical pencils existed. One has an idea of a pencil that doesn't need to be sharpened or replaced as frequently (mechanical pencil). What are the typical steps to end up with a physical product that is now being mass produced and sold worldwide?

Do you just build a working prototype, and then walk to local businesses and do a sales pitch? And then what when your sales overcome your ability to produce? What if it's an idea that is beyond your physical ability to build yourself? Or that you just don't have access to the machinery or materials to do it? Or maybe you simply can't afford the machinery or materials? Even if you know fairly certainly that it will be a good product, would this be a scenario where you simply don't execute this idea, but instead attempt something more obtainable for yourself?


Any insight will be awesome!

What happens after you got the idea is what you decide to do with it.

Obviously building a prototype is something you should forget immediately.

The first thing an entrepreneur would do is finding out if the market wants the product.

 

[Twong]

What happens after you got the idea is what you decide to do with it.

Obviously building a prototype is something you should forget immediately.

The first thing an entrepreneur would do is finding out if the market wants the product.

I kind of mentioned it, but I should have made it clear. What if you see there is/will be a decent demand for the product. Like I originally mentioned you know with decent certainty it will be worthwhile for you to pursue.


I'm not talking like I have a bunch of ideas, I just read the book, now I want to start executing. I'm talking about an inconvenience in mine or someone else's life could be remedied, and that idea/product has already been pitched to others it could benefit with positive feedback. What then do you do?

For example, If I am working part time at a country club. There's an idea that can potentially be implemented as an add on to the golf carts that would make the experience more enjoyable/comfortable for the golfers. All the golfers that are talked to each day about it think it would be great. How would one go about making this idea/product a reality?


The product would be mostly universal, if not fully universally compatible with golf cart brands/models, and is seen as a beneficial product on a small scale of population. If the product can be manufactured and sold for above cost, wouldn't this have fastlane written all over it?

 

[nradam123]

Do you just build a working prototype, and then walk to local businesses and do a sales pitch? And then what when your sales overcome your ability to produce? What if it's an idea that is beyond your physical ability to build yourself? Or that you just don't have access to the machinery or materials to do it? Or maybe you simply can't afford the machinery or materials? Even if you know fairly certainly that it will be a good product, would this be a scenario where you simply don't execute this idea, but instead attempt something more obtainable for yourself? - Twong (OP)

Sorry to reveal this to you - but none of us know what the best solution is for you. This is a personal question that depends on your strength, way of performance, value, hustle, financial situation, knowledge, luck and what not.

This is exactly why business is a different game.
This is exactly why when people graduate from a college where he/she were taught to perform in a predictable environment they get stuck in a job forever due to similar predictability (They hope so until they get laid off or lose value because computers changed to VR or whatever).

This is what Nassim Taleb calls tinkering in his book "Antifragile".

And for your question I will answer based on my experiences -
1) You need to first find if there is a need for your product. If there is some sort of need then you need to validate the business idea, hopefully with paying customers. To know if the idea is worth pursuing you can check if your business satisfies the 5 commandments of purest fastlane - CENTS (Need, Entry, Control, Scale, Time). If you are unaware about CENTS reading the millionaire fastlane will help.
2) Oxygen of your business is "Cash". If your business runs out of cash it simply dies immediately. If you cannot afford anything you simply cannot do it. So if you cannot afford machinery maybe try to get it done at a machine shop. If you do not have money for that try to pitch your idea to your friend, to a cofounder, investor or whoever who can give you more money. Or pitch your idea to people who are ready to buy your product as presale. Or otherwise make something less cash intensive (like an internet company) until you get enough cash to lift your physical product business. Or maybe you can get a similar product imported or manufactured overseas for a cheaper rate. Tons of solutions that you can tinker with. But the bottom line is -> Cash is Oxygen (As told by Gary Vaynerchuk)
3) What do you do if you cannot execute the idea or have less knowledge to build it yourself? Answer is similar to previous question. Find a cofounder who is a hustler or simply learn to hustle harder by rising to the occasion. Again that depends on your strength and how much time and effort you are willing to invest.

You have to tinker my friend, if you have the chops you will be a Rockstar in no time
Will you?

 

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