How to test your Entrepreneurial ideas is always going to be the perennial question. It’s hard when you first step into the world of Entrepreneurship. There can be many things that will come to confuse you and make you want to run away. However, if you have someone like a business coach to guide your way, manoeuvring in the business world will not be as difficult.
Maverick Mentoring helps Entrepreneurs and Business Owners with their business learn how to test your Entrepreneurial Ideas. There are strategies that will guarantee the success of your Business.
I believe that entrepreneurs have thousands of great business idea running around their minds. How do they know which one is the best for their business?
These Four questions will help to decide whether a business idea will thrive on in the marketplace:
Is There A Market?
Great business ideas can’t, and will not, work if there is no legitimate market willing to purchase or use it. Developing a concept into a real product or service takes a lot of time and money. Spending all that to receive a limited return on investment is not the brightest thing to do.
You can argue that there are exceptions like the iPod, iPhone and iPad – the first of its kind. However, you must remember that there are very few people who can actually claim the success of being an innovator like that – so far we only have Steve Jobs & Apple Inc.
Is It Possible To Promote & Market The Idea?
This is a test of reasonability. If there is a high chance that your idea can’t be promoted or marketed, you probably should stop right here. To know the answer to this question. Think about the likelihood of getting any media sources to accept your advertisement. If you can’t find one, stop wasting your energy and scrap the idea. Bringing an idea that can’t be marketed to life is just a waste of money, time, and resources.
Can This Business Idea Be Sold? If Yes, Via Which Channels + Costs?
Deciding if an idea can be sold, and if yes through what channels and at what cost. This is one of the most important decisions for an entrepreneur. A mock-up plan for the distribution & pricing of the idea should be made at this point. Listing as many possible scenarios as possible, along with contingency plans to minimize bad exposures you’re not prepared for.
Go through the plan with someone with experience & business knowledge. Such as a business coach, to find out if there is any practical and cost-effective sales channel for your idea. If you are unable to find a decent sales channel to sell the idea, you should re-think your idea.
Can The Business Deliver This Idea?
Your business should not be caught in the situation where you are selling something you can’t deliver. If you promise your customers one thing and you deliver something else subpar, the worst situation is them suing your business for fraud and you end up serving time in jail.
Do your homework, analyse every aspect of your idea and your business to know to what realistic extent you can deliver that idea. Then decide whether you should go forward with it.
Need help with business strategies for success? Contact Maverick Mentoring NOW via 3 9005 8275, and receive a FREE 1-on-1 business consultation tailored specifically for you and your business.