You Have A Great Idea For A Product, So Now What?

Most entrepreneurs have lots of ideas but few of them are able to successfully execute that one idea that makes all the difference. Yet, idea execution has always been the key to starting a successful business.

If you are fortunate to have found that killer idea, these are a few things you can do.Validate your idea. This is probably the most important step of launching a business. You will be spending years working on this idea or project. Before you even think about how to take that idea and make a product out of it, think about its viability. How unique is your idea? Does it solve a real problem? Will your killer idea really take off as you expect? Before you get too excited and start investing time and resources into any idea, focus on finding out if there is a real need for it.

Related: 9 Entrepreneurs Reveal How They Validated Their Business IdeaDo your homework. Find out if there is a real market for your product or service.  How big is your target market? This is important to find out because even if you have a great idea, the market may just not be big enough. Research will help you know if it's worth it your time.

So find out if your idea will serve a market that is big enough with opportunity for growth. Don't underrate opportunity for growth or overestimate the market for your product. Every business thrives on growth.

It is important to realize that your market is a group of consumers who will potentially be interested in your product -- not the whole big pie you want to show investors. So don't be deceived and think everybody is a prospective buyer or user. Really drill down to your niche market.

Hire the absolute best people you can find. Don't comprise on your first hires. Focus on getting the right people who can cope with the fast pace of building a product from scratch -- successful businesses thrive because of the right people.

And don't be scared of hiring employees smarter than you, you want these people surrounding you. So don't just bring on board talent and skill but people with character who can build a great company culture.

Related: 7 Tips for Hiring the Team Your Startup Needs to SucceedKeep in mind a functional product is what you need to go to market, not a perfect one. Most startups are still learning and improving based on how customers interact and use their products. What you need is user feedback. Your customers can help you shape your product as you grow, so take the opportunity to learn from them. The faster you can resolve your product issues through user feedback, the better your product can be to serve a bigger audience.