Let me share with you my secret. Most of my A-HA moments happen early in the morning. Ideas are popping into my head and I have to write them down or they will be gone with the synaptic spark. Literally!
And that’s how I tune into my alpha.
Now that’s a new term I am recently fascinated with.
Whether you write, paint, code, or teach, you’ve got to know your alpha. Your alpha is your endgame — the way you want to transform your life from the life you live now to the life you want to have.
It’s the actual change you want in your life in the coming days from your present situation because a very wise friend of mine once said that you can be a butterfly from a caterpillar only once.
You can’t be a caterpillar again and again.
Your idea needs a push just a push and Boom you are there.
I have seen Universities students or even dropouts these days are probably the largest potential source of commercially valuable inventions and to my surprise, they yet are generally not viewed as leaders in entrepreneurial value creation. Some projects, some of which were too good to be true, had to be abandoned to the graveyard of great ideas lacking successful implementation. yes, shit happens!
If we can’t envision the life we want, we have no way to work backward and dissect the daily work required to get there. This isn't a law of attraction nonsense. We’re talking about the power of your subconscious mind.
For every idea that comes to your mind, always remember one theory that if you don’t put the right directions in the GPS the car can’t reach its final destination — no matter how hard you work every day.
So Commercialization won’t work in a growth direction if your product is not that sustainable.
The commercial success of your product will be determined by:
- The type of business you design
- The type of customers you wish to serve
- The types of products, books, courses, or services you sell
- How you want to live?
- How much you need to earn to sustain the life you want?
- How hard you’re willing to work?
However, many entrepreneurs skip this critical step. They just think of a business idea and start it. Before they know their alpha. Before they know what the endgame looks like. Before they chose a business model to help create the life they want.
As you progress along your entrepreneurial journey there will be hundreds of small moments to veer you off course.
The secret is to tune your commercialization idea around your product. Your Ideal Business Model Is The Way You Choose To Make Money Through Your Products Or Around Them.
So the next obvious question is What should be your business model?
It’s the strategy and process you will follow to make money from your business.
There are two ways initially, either you can start by making products first and selling them to matching audiences. Or you can start by building an audience first and then making products to suit them.
You can also sell your knowledge directly as products and services, or you can give your products as a freebie free to create a brand platform that attracts other income sources.
It’s up to you which way you want to go!
You should also that sound to analyze “Which business model can I handle easily as a Solopreneur without burning myself out?” As Solopreneurs, you must decide prudently on our mix depending on our target audiences, our work/life balance, and our intuitive pulls towards our success routes.
Start with a proper blueprint!
The approach that a startup company chooses to commercialize their ideas is the most important factor in deciding the success or failure of a new product idea. It’s up to them to decide whether to go all alone in the entire process of innovation, involve other organizations in performing some functions or license its innovation.
Many people have great ideas and many have asked themselves how to turn their idea into a product, service or business.
Whether it is a new idea to fix a common problem or brand innovation that nobody has ever heard of, if they are going to be turned into a product or service that someone can buy, they must follow through the same processes eventually. Over the next few lines, I want to explain and explore the processes that someone with an idea should go through to convert their idea into reality.
Every idea is divided into stages. Three distinct stages with unique requirements.
- Innovation is the process of turning an invention into a tangible product that allows people to benefit. Because your idea must be of some use to people in general. It should be tangible enough to survive in the cut-throat market.
- Then when your idea is visualized into a product or service, commercial investment comes into play. Commercialization is the engine that turns one dollar of investment into multiple dollars of return by leveraging the value of the innovative product. Larger companies are often best at this due to their inherent economy of scale and stability. But don’t worry with the help of various startup initiatives programs, getting funds is no longer a hassle task.
But What does a sound idea look like?
To explain this, let me give you some examples like, If you want a location-independent lifestyle later, don’t try to open a location-dependent business now. If the idea of face-to-face selling makes you puke your shoes, don’t design a business around face-to-face selling.
If the idea of typing all day is not appealing, then don’t design your lead-gen process around content creation.
Don’t have money for ads? Don’t make a business that requires ads to thrive.
Want an office full of people? Make sure you serve a big-enough niche to support that kind of growth in the future. Are there only 5,000 available customers worldwide? Pick a different niche.
Just be sound about the idea before jumping into commercialization.
Once your idea seems a feasible product to you you are ready to jump into the next step.
Steps to commercialization
There are effectively 7 basic steps to commercializing an idea which is as follows:
- Develop the idea of a prototype or worked out process. Have a clone type product ready to test in the market.
- Assess the idea thoroughly, both technically and commercially, before you progress with the commercialization process. You should keep all the possible factors in mind before moving further.
- Protect the idea and its intellectual property. Of course, it’s important because, with the misuse of technology these days, people are ready to copy you the moment you do something innovative. To protect yourself legally.
- Set up a strong team of people around you. Ultimately you are your core team . Gone are the days when it was a one-man show. Now it takes a village to do something. So know your tribe and keep them closer.
- Commercialize the idea/bring it to the market. Detailed explanation below.
- Get funding to develop the commercialized idea. Do refer to my previous blogs for this. There are so many ways to help you get started.
- Use the ‘System’ at all stages to help you. It's important to have a trail. Documenting every thing. Just for the record. It helps trust me.
And finally the launch time
You have already done the main hard work. This is the final stage of the process. It means financial projections, and accounting/reporting systems are in place before your entry into the market. In these stages you have to keep in mind the following things:
- Our financial projections for three years completed support the commercialization stage? : because you have to be financially visible to take the prominent risk. Check your marketing strategies also. This will help you create a buzz for your newbie product or services.
- Is funding in place to support set up costs and working capital for early commercialization?
- Is your business model finalized, and based on market research and financial assessment?
- Is your business structure registered, and ready for trading activity and tax purposes?
- Have management and staff resource planning been completely developed?
- Have you completed your commercialization plan with a focus on market entry strategy?
- Are your financial, accounting and reporting systems ready for the commercialization stage?
Make a checklist of all these things and boom you are ready to launch
Finally to sum up
It’s all about you and somewhat about your tribe too and then there is key managerial personnel who are directly involved in your product as much as you do.
Make them your core strength.
Talent wins games, but teamwork and intelligence win championships.
Own your traffic
It’s very important because Until you own your traffic, you don’t own a business.
In layman terms, owing or surrendering to the ultimate consumer or Customer who will be buying our products.
We must own our customer list, or our business is owned by someone else. When a business is purchased, many times the business itself isn’t worth much. People purchase the customer list or say the brand name associated with it.
Let’s understand it with the help of a story
So There is a story about a beauty salon. The place went bankrupt in the short-order because there was a rift between the owners and the hairdressers. The hairdressers owned the traffic. They booked their appointments. When they walked they took all their customers with them.
The sole owners couldn’t cut hair. They were left with an empty shop and no customers. No one wants to buy and empty beauty salon. Bankruptcy happened soon after.
So master your craft.
Be so so good at your product or craft that you don’t have to be dependent on anybody.
This I learned from someone.
If at all traffic (say your fellow employees doesn’t show up) you still manage to give the good work.
If you don’t own your traffic you don’t own your business. If your business relies on someone else’s traffic for customers, the business that owns the platform is in charge of your alpha.
When you own your traffic you control your destiny.
As creators, we’ve got to take full responsibility for this crucial piece of our business.
For better commercialization there are three things every business must have to thrive and grow:
- A system for getting consistent, new customers every day.
- A system for engaging all your customers frequently.
- A series of product offerings that match the customers’ wants.
The way we control our traffic is best through direct marketing. An email will probably be your chosen vehicle.
When you own your traffic you can weather the storm. Not only will you be in a great position to develop a long-term relationship with your customers, but they will help you build the business you seek with your alpha.
When you own the traffic, the traffic will help you get what you seek.
Each idea evolves as time passes by. The more you think about the idea the more emotionally involved you get. That is a fact. No matter how open-minded you are, a different opinion about the feasibility of the idea starts to hurt your feelings and you take it personally.
Ultimately, successes grow from trust between people who have different perspectives and a shared goal. When you uncover what you want for yourself at the end — not a life of doing nothing and retiring in a hammock, but how you want your ultimate working life to look — this is the work we must do before we start.
Yes, of course, perfection does matter. If you’re making a precision piece of machinery or performing surgery, perfection would be welcome. And yes, if you’re paying me to write an article or a book, I’ll sweat over the planning and editing, ensuring it’s as perfect as I can get it.
But when it comes to just making your idea happen, perfection is the wrong goal. If you want to start a blog, write a short story, turn your hobby into a side business, or even start an internet radio station — making it happen and getting your idea ‘on-air’ is what counts.
Its the first step which usually is the hardest, rest is a smooth cakewalk. Trust me , you have it within yourself.