Should you have a great idea for a new business or new product? Or should you simply focus on an idea that most people know but haven’t never really tried or tested? The thing is ideas could never a business successful. Many experienced entrepreneurs all over the world including the ones in Hong Kong would have told you that drumming up creative ideas for new products or services is simply overrated. In fact, some ideas may sound too good to be true and would mostly deteriorate into nothing during the initial execution stage. Nowadays in the Hong Kong business environment, it is more about taking a good, and having the good idea executed consistently and correctly, but not killer idea.
But you will need to do the programming or your co-founding partner and your tech team will have to develop the actual tech product with the MVP approach (i.e. minimum viable product). No investors or consumers will be interested in a business idea or product without you having proven the product actually have a market whether it is locally in Hong Kong or elsewhere in other Asia regions. The bottom line is that eventually you will need customers to buy your product, and through this your company will generate revenue on a regular and consistent basis to support its daily operational costs.
When you are confused, get an angel investor who may well end up being your business mentor. With a mentor with past experience developing tech startups in the past, you will surely be benefited. To take your HK business to a trustworthy level at least financially and legally, complete your company incorporation with the Hong Kong Companies Registry.
With the advices from your mentor, take the product development through multiple points of market tests. The approach is to test the new product in with its multiple MVP stages at each and every possible opportunity but all under live market situations with real life people. During the new product launched, let the users in the Hong Kong market (if your product is mainly for the local people) decide how good or bad it is. With an approach like this, soon you will be able to get feedback, and based on the feedback of your product’s users, you can make improvement. Each big improvement is an interval for the MVP approach. This is much better and more effective than building the product to the so-called 100% perfect stage but without knowing what your most important users want.