7 Steps to Turn Business Ideas Into Billion-Dollar Unicorn Company

Starting a business
Billion-Dollar Startup

Today everyone has the innovative idea no matter how much they can create values. But they are not able to implement. They don't know how to start a business? Why these are happening with the young entrepreneurs. There may be many reasons behind failing new startups. Some entrepreneurs know the reason behind, but they are failed. Today we will learn how to implement an idea to make a Billion-Dollar Unicorn Company.

“What good is an idea if it remains an idea? Try. Experiment. Iterate. Fail. Try again. Change the world.” – Simon Sinek

Starting a business has some basic factors. Here, we will discuss seven steps to turn your business ideas into a billion dollar unicorn company successfully. The steps are
  1. Idea Generation
  2. Shaping the Idea
  3. Prototype and Testing
  4. Idea Protection
  5. Skill Development
  6. Marketing
  7. Investment and Branding
Make sure that you cannot reach your goal without implementing all steps effectively because these steps are related to each other. If you want to gain more output from this techniques, then you must not leave or jump any step. I promise if you cross every step discussed below successfully, you will achieve your goal quickly and easily. Let,s get started.

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Idea Generation

First of all, you should understand that every idea cannot go to a billion dollar. Here a question may arise that which idea will better and which will not? You can get the answer to the above question by discussing the following four parameters about your idea which you want to choose.
  1. Is your idea salable?
  2. Is your idea solves a big problem?
  3. Is your idea about covering the big market?
  4. Is your idea can generate revenue?
If your answer is yes for all the four question, congrats you have crossed the first step of implementation successfully.

“If at first the idea is not absurd, then there is no hope for it.” –Albert Einstein

Shaping the Idea

Now when you have identified the one idea, it's time to shape the idea. These are some important points to remember when you are making documentation of the idea. Keep in mind the following points.
  1. What is the need of your idea in the market?
  2. How will the idea work to achieve your business goal? For example, make a flow chart and technical diagrams for describing the working process.
  3. Why your idea will have accepted in the market? i.e., what the unique value you create for your target customers.
  4. What products and services will you provide to your customers in the future due to which your customers will be stuck with your company.
These are the four major fields to pay attention to shaping the idea. Good, you have crossed the second step.

Prototype and Testing

Now the third one is to test your idea as an individual. In this step, you have to make a prototype of your idea according to the documentation you have prepared in the second stage. You have to test everything through the prototype which you have claimed in "Shaping Idea" stage. There will be two output after testing.
  1. Your prototype will fail to fulfill the test conditions claimed in the documentation, if yes then you should work on prototype again and again until the prototype will meet the requirement of your idea.
  2. Your prototype is working as you claimed in stage two successfully. Congrats! You have crossed the third stage too.

"Success and failure are not the outcomes of an experiment. Learning is the real outcome."

Idea Protection

Important stage among the seven stages of a startup. If you don't follow this stage, you couldn't make a billion dollar company ever, no matter how big and innovative your idea is. Because in the absence of protecting idea (You cannot protect the idea only without implementation), anyone can copy and implement it. Therefore, IPR(Intellectual Property Rights) must necessary to build a big company. It helps to create a monopoly in a market. Let's see what IPR is.

IPR is in full form is Intellectual Property Rights, it means any unique thing you create through your intellectual is called the intellectual property and getting the full right of the property is called IP Right. It may be device, formulae, literature, music, videos, and paintings. These properties classified into three categories as Copyright, Patent, and Trademark. All are described below in brief.

  1. Copyright

    Under this category of IPR, you can protect literature(Books, Research paper, Software code, and other written documents), Media(Music, Videos, Photographs etc) and Creations(Paintings and arts). For more information about Copyright visit here

  2. Patent

    Under this category of IPR, you can protect any device, new technology or another thing which have developed on a new concept based. You cannot protect the similar device through the patent. It should be the complete creation of yours. After getting protection through patent, no one can either make or sell the device without your permission.

  3. Trademark

    Under this category, you can protect logo and quotes of your company. There are two types of approval mark i.e., TM and R under the trademark category of IPR. It is very helpful in the branding of a company. It creates a unique reputation among customers. A bite in an apple is a logo of the most reputed company Apple Inc. That is the trademark of Apple. Other company cannot copy the logo.
    'Steve Jobs' won trademark battle against Apple

Till now you have crossed four stages of total seven. The next three stages will be covered in the next blog post. I hope you have been aware of the basic requirement before starting a billion dollar company.