What is a “WINNING” Product idea? I figured these 5 elements!

💡 One idea can change your life and every entrepreneur or aspiring entrepreneur is looking for that one idea that can change their life and transform their fortunes. 🙏 I am an upcoming maker in PH and preparing for my first launch. So, when I was thinking of coming up with an idea to work on, I often asked myself what could be a winning idea. And after spending a lot of time on this, I figured out these elements which could determine if my idea is a winning idea or not. It might help you determine yours. 1.INTENSE DESIRE DESIRE PROBLEM: 👉The first element of a winning idea is that, the product or service that you're looking at launching in the market should solve a significant need or fulfill a significant desire or should solve a significant problem. The bigger the need, the bigger the desire, the bigger the problem your product or service is solving, the bigger the money you will make. So pick an intense need, pick an intense problem, pick an intense desire of the market of people outside and develop a product or service to fulfill that intense need, desire or problem. Because at the end of the day the bigger the need, the bigger the desire, the bigger the problem, the bigger the money. So that's the first element of a successful idea. 2.SCALE OF THE MARKET: 👉The second element of winning idea beyond the intensity of the need, desire and the problem is the scale of the market. You need to check, are there enough people who are willing to spend money on this product or service? because if there are not enough people then you are addressing a very very very small market and there's no point dedicating your life to something that can only impact a few people. You might as well dedicate your life to building something that will impact the lives of millions of people. So the second element is the scale of the market, the scale of the audience that needs that product or service and is willing to pay that money and can afford to pay that money. 3.CORE COMPETENCE: 👉The third element of a winning idea is, it needs to be something where you have the competence. Because at the end of the day if you don't have the skills, if you don't have the knowledge, if you don't have the expertise and you just go behind an opportunity just because one exists, let me tell you something somebody else will walk into that industry and wipe you out because they may have the skills knowledge required for that particular industry. So the third element of a winning idea is, is it in alignment with your capabilities? Do you have the competence to execute that idea? Do you have the expertise in that line of product or service? Because if you don't, your journey won't last long. 4.STORY BEHIND THE IDEA: 👉The fourth element of a winning idea beyond the intense need, desire or problem, beyond the skill of the market, beyond your core competence is the story behind the idea. What is the story behind that idea? How is the story of this business an extension of your personality, an extension of your passion or an extension of your pain, there has to be something personal that's what creates the soul in that idea. 🔥People don't buy products or services, they buy the soul story of a business. People buy a Nike because they buy the soul story of just doing it. People eat a McDonald's not because it serves the best burger, because they buy the story of happiness. People don't drink coca-cola because it is tasty, they buy a bottle of happiness. What is the soul story of your idea, how is it an extension of your personality, how is it an extension of your personal pains, how is it an extension of your passion that influences how big your business idea will grow, how far it will go. So you need to have a strong soul story in that business idea, not just a great product or service. A story is important. 5.COMPETITIVE ADVANTAGE: 👉The fifth element is the competitive advantage. You need to ask yourself the question why should someone buy this product or service from me, why not from somebody else and only when you can give a logical factual answer of why you and why not somebody else that's when you've built a genuine differentiator for your business, That's when you will stand out from the crowd, that's when you will not fall into the trap of building just another business like just another business, that's when you will bring out your specialty which will help you grow and scale your business. What is your competitive advantage, why should someone buy from you what is your differentiator, how are you going to solve this problem differently from how anybody else can or anybody else is or anybody else could. That is a very very important aspect of a winning business idea. Because at the end of the day you need to answer the question, what is it that you've got that nobody else has. When you can answer that question then the market is yours. So these are the five elements that I use on a daily basis to check if mine is a winning business idea. Hope this makes sense to you all and you are already checking your product with the checklist to determine whether your idea is a winning idea or not. 🙈 Let me know in the comments how many elements already exist in your product. I would love to know all of yours. 🙏 🤝Since I am pursuing my PH journey passionately, I would love to connect with you all. Shall we? 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