Having an amazing business idea might seem like a breakthrough but it is just the beginning. The real challenge is to see how well it is accepted in the market. Before planning to start something new and investing in that there are a lot of factors that need to be kept in mind. For instance, testing the idea at first will be helpful for you to figure out the result. The market is highly competitive at present and not everyone succeeds in entrepreneurship. For college students, testing any idea among a large sphere of audience free of cost is even easier. It is a great time to explore entrepreneurship. The exposure is much more with a great spectrum of the audience- from students to professors.
If you are from a reputed PGDM college in Delhi NCR and want to test the viability of your new business idea, the following can be helpful-
- Online Exposure– Creating a landing page for free and promoting it amongst people to review your business idea is extremely helpful in this case. Internet exposure is something that every big or small business looks forward to. You can send the hyperlink or address of the page to the students, professors and other known associates for them to go through it and give their opinion. Social media can also be put to good use to reach out to a vast section of people. In the long run, a business runs only when the market audience has a positive approach to it.
- Presentation– Everyone incollege is quite familiar with the concept of a presentation. Preparing a PowerPoint presentation with slideshows that describe your idea and its working in the future may actually interest the audience. It is a direct way of communicating and engaging with people. In fact, in the end, after getting enough intel, there might be some constructive feedback from the audience that can be helpful for the future.
- Focus group– If you can arrange a few loyal consumers who will act as a focus group, the initial testing of your business idea can be carried forward successfully. It is very important to think and understand from the customers’ perspective in order to succeed as an entrepreneur. These people can participate in surveys and provide feedback to give you a detailed idea about the current demands of the consumer.
- Marketing Campaign– Running a marketing campaign is as good as running a survey to understand the rate at which responses are converted to lead- a very important factor to have a successful business. Flyers and brochures might help a lot in the initial stages. The key is to understand and analyze the reaction of the audience. Mention may also be made of the online campaign with the help of social media in this context. Popularise your idea in the friend circle and observe their reaction to draw a practical conclusion for the long run. A marketing campaign will help to determine whether the business idea is interesting enough to capture people’s attention.
- Interactive session– Asking the right questions may be of great help in this case. If many people turn up at the organized interactive session, it will be quite fruitful to get a lot of opinions from different perspectives. A question and answer session can be conducted where the doubts from the audience about the product of the idea can be cleared by the pitcher. You can also get a chance to showcase your idea amongst a large section of people and analyze their reactions to make a productive decision.
Taking the first step towards entrepreneurship is to build up a viable idea that can suffice in this competitive environment in the long run. However, one has to set their objectives by analyzing the resources that have to be utilized for the execution of the business idea. The target audience and their reactions are most important in this case. Assessing the market is also equally important before one can launch their business plan. The best PGDM colleges in Delhi have dedicated themselves to nurture the entrepreneurship skills in students so that they can make a valuable contribution to the economy as well as the society in the future.
EMPI features under the top ten PGDM colleges in Delhi for its futuristic visions that nourish some of the best minds in the country. Their mission is to adopt a personalised approach to learning and internalising the ideas of the students to bring out productive results. The professional and highly-qualified faculty members also conduct inter-disciplinary programs to bring out the best in everyone.