Where to start?

InATimeLapse

So I'm an IT technologist with many years of experience under my belt. I have an interest in pursuing new product development in Big Data analytics, since it seems to be a marketable field.

How do I get from the point of having the capabilities of developing any given product to knowing what businesses would be willing to pay for? How do I get to know what challenges businesses face in order to classify and be creative in solving their problems?

I am *very* new to the idea of entrepreneurship. Any suggestions on how to get started are very welcome.

Thank you!

bogger

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StartupCoach

With that type of skill set, I assume you have former colleagues who perhaps have taken the same path? If not, try Googling companies who do what you are looking to do. Perhaps you will get lucky and they will have pricing information on their website. Alternatively, if you are unsure how to charge, you could always "back into it". By that, I mean ball park how long the project will take then multiply it times the hourly rate you want to charge. The great thing about consulting is that you can be very flexible at the beginning on price until you get a grip on the competition. In my business, I will very often ask a potential client what my competitor quoted them for a price just to get an idea of where I stand relative to them in terms of pricing.

StartupCoach

PS - with respect to figuring out what problems these businesses face, that's something that you will need to understand over time. At first you might have to make educated guesses based on needs you had when you were in their shoes, but once you get face to face meetings, the best possible way to learn what their challenges is simply to ask them.

Lynnth

Start with a price you feel is fair. Odds are that this price will be less than established companies are charging. If not, potential clients will tell that you are too expensive. Worst case you miss out on the first opportunity or two. More likely you will have a chance to submit a revised bid. Make it clear on these initial jobs that this is an introductory price and that future contracts are likely to be at a higher rate. You may leave some money on the table initially but it is a small price to pay for establishing a track record and getting needed experience in running the business.

jaques

Hi!
I'd recommend looking at micro testing your concept.

This is done by using inexpensive advertisements to test consumer response before investing in actual products or ideas. The 4-Hour Work Week by Timothy Ferriss is a good read for a detailed explanations on how to do this. It is filled with step-by-step guides and includes loads of links to helpful resources. (chapter 10)