So there’s this popular AI project that hit the TL last month with a good utility and usecase.

They tried marketing their product with a thread contest, but their whitepaper was so hard to understand. And so, at the end of the contest, the hype and attention died, the project came out to complain about it.

So what went wrong? They chased hype instead of getting their product to the target audience.

Now, if you’re a project founder building on base or any other chain, and you have a new or existing product idea:

Product Idea is simply the plan or steps to launch a new product to sell in a specific market. It has the important details of the product such as its functions, its features, and other important components. Product Idea focuses majorly on “what problem the product can solve”—like how well can a washing machine wash clothes?

Before launching your product idea, or if you’ve done that and you need to improve, use these 8 steps to turn your product from just an “Idea” to a multi-national company:

1. Determine the Nature of the Issue Needed to Be Addressed What issue or challenge is your business product or service solving? Aside from making profit, the initial aim was to solve a problem faced by the target market. Look into the problems faced by your target market, and make sure your product can solve their problems to ensure the growth of your business.

2. Find Your Market Locating the market and target audience that would use your product effectively is crucial for success. Imagine selling a product in the wrong market—you would blame the market for poor sales. Identify the right market for your product and understand what would make them purchase your product even if they have it. Basically, understand why people buy things.

3. Locate the Help You Need Business partnerships are never to be overlooked. If your product wants to go far, you should have partners who can advise you about your idea, guide you, and show others that you have a solid idea. By making connections with successful business owners, you can get them to share tips on how they started their own business.

4. Make a Budget Model and Plan for the Initial Stage After conducting market research, the next step is to know if it will be profitable. Remember, a major aim of creating a business is to make profits. Figure out how much it costs to make one product or offer one service. Add in the costs to advertise and sell it to one customer. Set a price that makes you a profit. Then, estimate how many you can sell to see how much money you can make. If it looks profitable selling to one person, then do a top-down financial model—analyzing the market to know the total number of people that can buy your product and the people you can realistically sell to. Works right? Sure it does.

5. Determine Where Your Capital and Investments Are Coming From Even if you didn’t start a business to make profits, every business needs money to kick-start its operations. You can choose to self-finance your business (money from family, friends, and loans). Depending on the amount needed for the business, venture capitalists and angel investors play a key role here.

6. Develop Your Most Viable Product Before the idea is fully launched, create a Minimum Viable Product (MVP) to get feedback and ensure you don’t build something the market doesn’t want. The goal is to create a product that works well but needs room for development. This is where early adopters and beta testers come in—they use the product and give you feedback needed to improve it.

7. Locate the Point of Pivot To pivot simply means change of direction. The feedback from early adopters might not be what you expected. You’d have to pivot your business model by changing an important part of it. It doesn’t mean you should give up and start from scratch, but rather use the knowledge you’ve gathered and pursue another method or pathway.

8. Stay Positive Some people prefer bad things to happen to others rather than good things. You might face certain issues while building your business, and people will criticize you, which might make you hesitate to take the necessary risks needed to scale. If you decide to be positive and find solutions rather than dwell on problems, you will succeed.

We have come to the end of Part 1 of today’s episode. Next part, we will talk about Identifying Your Target Market.

So if you don’t want to miss out, follow me and turn on post notifications.

So there’s this popular AI project that hit the TL last month with a good utility and usecase.

They tried marketing their product with a thread contest, but their whitepaper was so hard to understand. And so, at the end of the contest, the hype and attention died, the project came out to complain about it.

So what went wrong? They chased hype instead of getting their product to the target audience.

Now, if you’re a project founder building on base or any other chain, and you have a new or existing product idea:

Product Idea is simply the plan or steps to launch a new product to sell in a specific market. It has the important details of the product such as its functions, its features, and other important components. Product Idea focuses majorly on “what problem the product can solve”—like how well can a washing machine wash clothes?

Before launching your product idea, or if you’ve done that and you need to improve, use these 8 steps to turn your product from just an “Idea” to a multi-national company:

1. Determine the Nature of the Issue Needed to Be Addressed What issue or challenge is your business product or service solving? Aside from making profit, the initial aim was to solve a problem faced by the target market. Look into the problems faced by your target market, and make sure your product can solve their problems to ensure the growth of your business.

2. Find Your Market Locating the market and target audience that would use your product effectively is crucial for success. Imagine selling a product in the wrong market—you would blame the market for poor sales. Identify the right market for your product and understand what would make them purchase your product even if they have it. Basically, understand why people buy things.

3. Locate the Help You Need Business partnerships are never to be overlooked. If your product wants to go far, you should have partners who can advise you about your idea, guide you, and show others that you have a solid idea. By making connections with successful business owners, you can get them to share tips on how they started their own business.

4. Make a Budget Model and Plan for the Initial Stage After conducting market research, the next step is to know if it will be profitable. Remember, a major aim of creating a business is to make profits. Figure out how much it costs to make one product or offer one service. Add in the costs to advertise and sell it to one customer. Set a price that makes you a profit. Then, estimate how many you can sell to see how much money you can make. If it looks profitable selling to one person, then do a top-down financial model—analyzing the market to know the total number of people that can buy your product and the people you can realistically sell to. Works right? Sure it does.

5. Determine Where Your Capital and Investments Are Coming From Even if you didn’t start a business to make profits, every business needs money to kick-start its operations. You can choose to self-finance your business (money from family, friends, and loans). Depending on the amount needed for the business, venture capitalists and angel investors play a key role here.

6. Develop Your Most Viable Product Before the idea is fully launched, create a Minimum Viable Product (MVP) to get feedback and ensure you don’t build something the market doesn’t want. The goal is to create a product that works well but needs room for development. This is where early adopters and beta testers come in—they use the product and give you feedback needed to improve it.

7. Locate the Point of Pivot To pivot simply means change of direction. The feedback from early adopters might not be what you expected. You’d have to pivot your business model by changing an important part of it. It doesn’t mean you should give up and start from scratch, but rather use the knowledge you’ve gathered and pursue another method or pathway.

8. Stay Positive Some people prefer bad things to happen to others rather than good things. You might face certain issues while building your business, and people will criticize you, which might make you hesitate to take the necessary risks needed to scale. If you decide to be positive and find solutions rather than dwell on problems, you will succeed.

We have come to the end of Part 1 of today’s episode. Next part, we will talk about Identifying Your Target Market.

So if you don’t want to miss out, follow me and turn on post notifications.