I've Come Up With A 'Great Idea', Now What?

Is this you? Do you feel you have a great business idea and are wondering what to do next. It is good that you are thinking of new ideas and are looking to pursue them as well. The first and foremost thing to do now is to research about the idea.

Before starting research, do the basics. List down the following:
: The exact idea (try to limit this statement to one line)
: The core problem you are solving
: The target market and your solution for them

: How you think you are better than existing solutions

Now you can start your research. Researching about an idea works just the way a normal research works, i.e. there is primary and secondary research which needs to be done. The following can be used to research the idea you have in mind.

Primary Research: This involves collecting first hand data and feedback on the core idea statement and the product you wish to build around it. Interactions with the following set of people can be used:
- Friends/Family: who you may think would be part of your target market
- Focus Groups: organizing groups of people (again friends, family, acquaintances) to discuss the idea and give feedback on the same
- Industry Insiders: identifying people already working in the domain/industry you wish to cater to. These people can either be known to you or can be referred by someone you know.

Secondary Research: This involves researching the potential market size and the existing competition. Tools like search engines, research reports, magazines, journals etc. are used.

Once the research is complete and you still feel that the idea has great potential, you move onto the next phase of your startup journey.