Is Your Business Idea Actually All That Great?
How many times has it happened to you that you are in the middle of a meeting and someone approves and asks you to convert a great business idea into something concrete? However, not many great business ideas finally get transformed into something really great. Most great ideas do not take a flight to reach reality remain dormant because more often than not people lack the gumption, courage, resources, time, and/or money to make things happen. And for those who start taking action, most are unprepared and may spend time on something that may gradually not take fruition. So, how do you make that journey from finding out whether that business idea actually is good enough?
Will The People Pay For it?
Most business ideas are those that have the ability to solve a problem. If your business idea fails to resolve issues of your friends, family, then perhaps the business idea won’t hold enough steam as a business plan. The question is will the person like it enough to pay for it?
It’s the customers who validate an idea and determine which have the greatest chance to succeed among a sea of also-rans. A simple idea may not be a simple idea anymore if there are more customers paying for it.
Think About the Price Point
Once you find out that your idea has the power to solve a legitimate problem in a more scalable fashion, you need to find out the value of what you deliver to the world and how much people will pay for that value. Once you find out about the price, then you can find out a little more about the idea and whether the solution is business-worthy.
A Niche Market For Your Idea
Without a proper market for your product, your idea may never get off the ground. You may need to figure out if a niche market exists for your idea. You’re may find a better chance at achieving success, when you have the business to find out what’s already out there and what’s not.
You can cater to the market accordingly and provide just what the market needs, something novel and unique. A niche market is a mix of research, gut instinct, and personal preference. To find the right niche market, you need to check the industry trends and how much investment activity has taken place in recent times, and whether people are talking about the product.
Are You Passionate About it?
Your business may take a lot of time to establish, so not only do you need to be patient about it, but you need to be passionate about it too to make it successful. It’s important to start on something that you have been truly passionate about it and of course, you may have the energy and the patience for the business.
Testing The Waters
Is your business viable? Well, you won’t until you test it on strangers. Test the product on friends who may tell you upfront about your product, whether it is okay, bad, or too bad. If the target sample is a hit with your friends and they ask for the product, ask them when it is available in the market, you’ll know that you are onto something great. However, if they are less enthusiastic about it, you’ll know that it is probably not a great idea as you thought initially, so you need to work more on it.
Open to Change
If you’re not open to changing or adapting to the idea of what your customers want, your business idea may not be worth pursuing. Success only comes to those who listen to others and willing to work on it. Most good ideas need some tweaking around to fit into the needs of the market. Whatever, you do, you cannot be close-minded about it, it may hamper all the prospects of a business.
Successfully converting a business idea into a marathon, not a sprint. Prepare yourself so that you can reflect upon exactly what you have on hand. Always be aware of the things that you will want to accomplish. Give your mind some breathing room and allow your creativity to blossom. Give the idea all the importance and the nourishment it deserves and you’ll know that you have got a winner on your hands.
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