Not every start-up idea needs to be innovative

More and more people wish to create their own business, but struggle to find an idea that is both profitable and valuable. But what does it really take to turn an idea into a business?

My experience and my interaction with peers at Entrepreneurs’ Organization (EO) have taught me that even an idea that isn’t necessarily innovative can be turned into a profitable one. You need to put your own twist, even if it’s as basic as perfecting an existing one.

Nowadays innovation is a buzzword and we tend to think that we always have to introduce something new while in fact old ideas just need a makeover. What is paramount is your ability to listen, analyse and understand the problems of those around you. It allows you to identify the nature of a need and thus to anticipate a demand.

You must ask yourself if people are ready to spend money on your product or service, where else can they find it? Are they looking on the internet for solutions? Do they have other solutions? These are the basic questions one should ask.

In the UAE, we already have a culture that encourages innovation and entrepreneurship. However, you should also keep an eye on what is being done abroad and not hesitate to import a concept. To find the right idea, you must keep yourself informed of all the latest business ideas from across the globe.

There are products or services that already exist in the market but aren’t easy to use or are just not yet successful — you can improve it by making it simple, quicker or more accessible. We started our Boom & Mellow e-commerce in 2013 and have been working hard on perfecting the customer journey.

We ship worldwide but our current strategy is to focus on the Dubai client. We introduced the option of using WhatsApp for faster communication and service. on both sales channels, online and WhatsApp, we guarantee same-day delivery within three hours of order time. At the same time, we offer multiple payment options and the one that sets us apart is credit card payment at delivery.

We are simply making it easy, convenient and fast for women to shop our curated selection for yourself or for a last minute gift.

Other boutiques may sell what we sell, but I realised 13 years ago when we opened in Mall of the Emirates that we needed to be different to stand out. When I buy the collection I mix it up and look for up and coming designers.

I take chances on new products and price ranges. But it doesn’t stop there. Customer experience is my number one priority. We are honest with our clients, we always suggest different pieces until they find the right one.

Everyone knows women love having something that is different than everyone else, which is why curating bespoke pieces are key.

Distinguishing yourself from competition is one thing. However, you must truly understand the viability of your idea. It’s important to put it in front of your prospective users.

Most budding entrepreneurs place a lot of value on the “idea” and end up working on their ideas in isolation. Once they bring their product or service to the market, they quickly realise that the pain point is not what they understood it to be.

The idea is a small part of the overall equation; the execution of the idea is the most critical piece of the business puzzle.

You have to build a marketing strategy by thoroughly defining your activity, its field, the exact nature of your product or service. Then, define your clients. Who’s your target and what is the type of offer you will be proposing.

The idea is to propose a product or service that responds to a demand. It’s not about creating the demand. To ensure you’re responding to consumers’ demand, you can also carry out a poll, a survey or a focus group.

Nowadays, the market has the right entrepreneurial and innovation DNA to allow entrepreneurs to take off.

The writer is a member of Entrepreneurs’ Organisation and founder of Boom & Mellow.