You are not the only one in the market who thinks that the business idea or concept you have is the most wonderful thing ever, and could totally help you to get rich and become a successful business person. But you know what?
Not all business concept and idea works.
And that’s not an assumption, it’s a fact. Being optimistic is great, but when there are so many things at stake like money, human resources, relationships, etc., you might want to tone down your optimism and get a reality check ASAP.
Here is some quick simple questions that you can use to evaluate the feasibility of your business concept and idea.
Am I Really Interested In This?
Let’s start with you first. Are you really sure about your decision? You must understand that setting up a business and running it is not a pastime you can pick up and drop whenever you are bored with it. Make sure that you are committed and passionate enough to stick with your decision till the end before starting anything.
Is Anyone Else Interested?
A business concept cannot sustain or take off in a market when no one but you care about it. Is your idea relevant to what the market wants? Can it generate enough buzz around it? Does anyone other than you really care if it exist or not?
Will People Pay For This?
Being interested in something is one thing, but willing to give out money to get it is a totally different thing. In order for customers to open their wallet, your idea or business concept must tap right at a need of them that hadn’t been fulfilled by any other businesses in the market.
Is now the right time to carry out this idea? Timing can be the make-or-break factor for your business.
Bad timing can throw everything out the window and left you bankrupted.
To understand more about the importance of timing to innovation, check out this blog I’ve written on this particular subject.
Yes, why you of all people should do this. Why you and not the next guy? What makes you the best candidate to carry out this idea? What resources do you have that can help you bring this concept to life successfully?
Think thoroughly and answer these questions honestly. Only when you can answer all these questions to your satisfaction can you go on to set up your company and start trading in the marketplace.
Have anything to add to this blog? Share your opinions by leaving a comment in the comment section down below.
Want to know more about Entrepreneurship? Need help with planning for your business? Contact Maverick Mentoring today via 3 9005 8275, and receive a FREE 1-on-1 business consultation tailored specifically for you and your business.