Is Every Business Idea a Good One?
Starting and running a company is a lot of work and requires optimum focus, not to mention the amount of energy and money you need to put into it. When you consider all the commitments, you try as much as you can to avoid silly mistakes.
Entrepreneurs are usually flooded with ideas, this comes with not knowing which to act upon. While it’s great to have awesome ideas, acting on each one of them could be detrimental to your business.
Looking at it critically, there’s really no bad time to launch a business. As far as there’s need for it, why not just shoot?
It’s a smart move to launch a business idea when the economy is booming, it’s just as smart to launch one when the economy isn’t. The logical thing to do is “not” launch that idea when the economy is gloomy, this is what a large percentage of entrepreneurs would do, right?
But, considering the fact that no one is willing to take that risk, your product might just have a great chance of hitting the ball out of the park. Everyone is staying away from the market, so there’s little or no competition.
However, beyond your intuition and the value of that idea, you need to consider other options before throwing all your weight on that idea.
Does the Idea Solve any Problem?
The key to getting any business idea is to listen to your own frustrations. You may not aim at inventing something entirely new, but you can ask questions like “How can I do this better than the dude in the mall?”
That’s a great question, right?
What are those pending needs in your niche? That invention is great, how can I cover its flaws?
YouTube didn’t’ make downloading easy, some guys introduced a solution and now you can save data by downloading instead of streaming.
Do You Have a Market?
This is a fact and a truth you need to confirm. Where does your target audience live? How much do they have? Do they have a family? Where, when, and how will they use your product? Get all these answers right and you’re halfway ready!
Will People Pay For It?
It’s not good enough if no one is willing to pay for it.
Consider Creating a Prototype
Don’t just dive right into any business plan, or you risk wasting resources. You can build a minimum viable product or a prototype first. The prototype stands as a sample of the product you’re planning to sell.
The idea is to create something your potential customers can hold and experience. This helps you confirm the validity of that idea. Creating a prototype can save you a lot of money and also lead you into eternal wealth.
If you haven’t done this, consider trying it and if you have, how did it go?
Are You Excited About the Idea?
That business idea has to be special enough, it has to make you smile like you just saw the love of your life. You’re so positive about what you want to do and you’re already excited about the returns. When you feel this way, don’t hesitate to take the first step.
I can’t categorically say Twitter and Instagram had a problem, but users needed insights on who follows them and who doesn’t. Some guys eventually provided a solution. Now we have numerous tracking applications on Google Play Store and Apple Store.
Make sure that business idea is solving a problem!