Digital entrepreneurship and ideas.

If you have passed the self-assessment, the next step is to measure whether your idea can be implemented. Ideas that are not executable are lost unless you have huge resources for long RnD (research and development). The best effective solution is when they solve a complex problem with a simple solution….getting confused!!

Let me share a solution here, suppose you want to know if there are any cosmetic surgeons in your city and how much it will cost you to do a nose lift, a simple google will take a few seconds to get the list of related doctors. Search will give them hundreds. But you won’t get any price quote there, because no doctor will give a quote without knowing the complications of the surgery.

So, this is a problem, people are impatient by nature, and want immediate answers of questions that pop into their minds. Now, since your product is an online directory of specialized surgeons that wants to solve this particular problem, you want people to search the net, so that your directory returns a result that also gives the possible cost of the surgery. Is it possible…? 

Yes, it can be done by specifying a range of costs for any particular surgeon charges for different types of surgeries. But if you want to fine-tune the result and have time slots available for surgery for a particular doctor, that may not be possible unless your directory is in real-time sync with the doctor’s daily schedule.

Assessing the practicality of a proposed product in a real market situation is an important part of determining its success.

It requires careful consideration and analysis to determine whether the product has real-world practicality, meets all needs, and will be profitable for the business. When evaluating the practicality of a proposed product, there are three main areas that must be considered.

1. Market demand and competition.

The first area to consider when assessing the practicality of a proposed product is market demand and competition. This involves researching current trends in order to understand what customers want or need from such products as well as what potential competitors may already offer in terms of similar products or services. Knowing who your target audience is essential here since it helps you identify any gaps in existing offerings that your new offering could fill while also helping you develop strategies for how best to differentiate yourself from competitors who may have similar offerings on hand already.

Competition.

Competition is an important part of life and can be found in many different aspects. It’s a natural part of the human experience, as we strive to better ourselves and our accomplishments. Competition pushes us to work harder, develop new skills, think outside the box and ultimately reach higher levels of success than we would have without it. While competition can often lead to negative outcomes such as stress or anxiety, when used properly it can also bring out our best qualities and help us achieve great things.

When evaluating competition, one must take into account both its positive effects on motivation as well as its potential drawbacks that could cause harm if not managed correctly.

On one hand, competing against others allows organizations to measure their own progress against that of their peers while striving for improvement. This encourages growth which is beneficial in many areas including process development or knowledge pursuits. 

On the other hand, however, too much pressure from external sources may create feelings of inadequacy or even resentment towards those who are more successful.  Therefore, it’s important for organizations engaging in competitive activities to find a balance between healthy ambition & self-improvement on one side versus overbearing expectations & discouragement on the other.

In conclusion, competition has both advantages & disadvantages depending upon how it’s approached, with proper evaluation & management however these risks can be minimized while still allowing the organization full access to all benefits associated with participating in competitive activities. Ultimately then, through careful consideration, any organization should be able to make use of the competition’s strengths while avoiding most pitfalls thereby helping them reach greater heights than they ever thought possible!

2. Design features.

The second area which should be assessed when evaluating the practicality of proposed products relates directly to design features namely usability, durability, scalability, etc. All factors which can make or break user experience with any given item/product/service being offered up by businesses today no matter their size or scope. Here, a lot of research on competitor designs (if available) can help inform decisions about feature selection, but ultimately good UX principles should always prevail over what might currently exist, so testing prototypes against various scenarios before launch remains important.

Unique selling proposition.

Unique Selling Proposition (USP) is an important concept in marketing. It refers to the unique qualities of a product that sets it apart from its competitors and makes it attractive to customers. A good USP can be the difference between success and failure for a business, so understanding how best to create one is essential for any company looking to succeed in today’s market.

The step towards creating an effective USP is identifying what makes your product different from others on the market. This could be anything from superior quality or innovative features, to great customer service or competitive pricing…. whatever you think will make your offering stand out amongst its rivals should form part of your USP statement. 

3. Cost/profitability.

Finally, cost/profitability considerations come into play once all the above points have been adequately addressed. We all know without sufficient revenue generated via sales, no business venture stands much chance at long-term sustainability regardless of how useful its core offering may prove itself during the initial stages. Thus, understanding pricing models, and production costs associated with getting said items created & shipped, and other budgeting requirements needed prior to launching become very important aspects. Hence, it is always worth taking time to consider before fully committing resources to develop a product.