Introduction

It is a long and difficult journey, filled with many ups and downs, for an entrepreneur to turn a concept into reality. In order to turn that concept into reality, we must keep on working.

For making it possible, we need to change our course of action and also need to do a lot of fieldwork.

A strong business strategy requires hard work and dedication which resembles to a vegetation seed to make it blossom and to continuous nurture it with water.

For translating a business idea into becoming an entrepreneur, we have to take several steps, including the followings:

1. Idea Generation & Idea Screening: It is the process of creating, developing and communicating abstract, concrete or visual ideas. Following the generation of ideas, we have to work on validating them, selecting the best one, and developing a strategy to implement it. The main purpose of idea screening is to take into account the needs of your market, competitors, current products and their flaws and filter less viable idea. We need to leverage the market research data or feedback to determine the viability and worth of a new idea.

2. Idea Selection: The idea selection process is a structured method which helps you to choose the best ideas to develop and test the idea based on their viability and ability to create value for your business. We need to select viable innovative idea as per feasibility and growth potential.

3. Feasibility Study: A feasibility study may serve as the foundation for a business plan, that outlines the steps required to move a proposal from ideation to realization. It is conducted in order to objectively uncover the strengths and weaknesses of a proposed business plan.

STEPS IN A FEASIBILITY STUDY

• MARKET RESEARCH
• MARKET POTENTIAL
• SCOPE OF GROWTH
• PAYBACK  PERIOD

4. Product Development: Product development is the process of converting an idea into a product. The goal of the product development process is to create something new and reduce various risk factors that can be brought on by things like substandard product development, uncompetitive pricing, low brand recognition, delayed or premature market entrance, and so on.

5. Test Marketing: Test marketing is a tool used to check the viability of the new product or a marketing campaign before it is being launched in the market on a large scale. The objective of test marketing is to find the limitations and strengths of the product based on customers’ reactions. It also helps us to structure the marketing strategy of that product. A test marketing campaign aims to predict the revenue model (sales, profit, pricing).

6. Commercialization: It is the process of bringing new products or services to market. In other words, a product is created and brought to the market for profit. It’s a critical process since it entails making strategic and tactical decisions that affect the success of a product.

The above model has been communicated to the students during University meet for “Entrepreneurship Development Innovation and Incubation Cell” at School of Business & Management (Main Campus), Jaipur National University, Jaipur.