In our journey of training student entrepreneurs across the country, the biggest hurdle we come across is the understanding of difference between an idea and product. People have ideas and an intense desire to start their own enterprise but only the successful entrepreneurs are able to convert an idea into a product and a product into a successful business.
Rs 1 lakh car or Nano?
Ratan Tata came up with the idea of producing a Rs 1 lakh car, which will solve a middle class family’s problem of transportation. But that’s only the beginning — the idea to product journey starts with customer interviews, design reviews, proto-typing, expert feedbacks, and beta launch of first version.
Nano’s first version was not a success in the market, and it took several iteration to get all elements of the product right. Nano 2.0 is what is doing well!
Raw material, manpower and inputs
Many mistakes are made by focusing on the end product/output rather than the input. If Infosys has to be a great software services venture, it has to focus on inputs like manpower (how many good software developers they have), software (developer licenses and project management tools), hardware (laptops, servers, etc.), certifications (CMM level, ISO, etc.) and support infrastructure. This input is what any entrepreneur has to arrange and manage.
Perfect product or launch timing
Most entrepreneurs struggle with the decision of whether to keep making the product perfect or launch it in the market as soon as possible. Please note that even the iPhone created by Steve Jobs’ team was not perfect when it was launched. The trick for an early stage entrepreneur is speed and response. First ship it, then promote and keep correcting!
As entrepreneurs, it is important to move from an idea to the product fast, and keep moving!