deas are a dime a dozen. People who execute them are not.-Dave Ramsey
Coming up with a business idea is not a tough job, what is tough is coming up with a great impactful and profitable business idea that can be executed well. It is essential to understand the thin line between having a great idea and the way it is being executed. An idea, however great or ordinary needs to be translated properly into a great business model.
If your idea is impactful and is not what anybody is doing, you might have a great business idea in your hands. Knowing which idea is worth going after and which idea should be shunned is the first step to starting a new business. The best way to figure out is to ask the masses about feedback on your business idea, if the answer is mostly, “Why is it not done till now”! - You know you are on the right path.
Of course, there is a thing called a gut feeling, you could rely on that, but starting a business on a guess could also lead to failure. It is known that most startups can fail in the first five years of their launch, one can only be advised to take some extra steps to confirm if the idea is really a great one or not. Taking this huge leap of faith is a gamble every startup founder plays. It is like jumping off a cliff without knowing if your parachute will open or not.
Let's explore more and help you figure out if the idea you have is worth moving to the next level.
What is your Mission:
Ask yourself, what is the need or purpose of your idea of a startup. Will it help in improving people's lives in any way? How different is your idea from others?
Does it solve any problems:
Your startup idea has to be a solution provider. If you are not making an impact, it is not the right idea. It has to be a solution to a bigger problem.
Know your potential clients:
Once you know you can solve an issue with your idea, you need customers who will buy the idea. This is the most important step which people skip mostly. You should start doing market research about your product. This validates your startup idea.
Know how problems were solved before your product:
Where do your potential clients go if they wish to find a solution to a problem? Knowing your business rivals is important too. Healthy competition is always good but knowing what your competition is doing is also essential.
Is your idea going to make money:
Don't be bothered about the in-depth financial issues. Just do some basic calculations to make sure you are looking at a profitable business.
The purpose of this is to know if there are any potential clients who will like your idea and buy from you. The more realistic your idea, the more clients you will gather. Your idea can get both positive as well as negative feedback. While positive reviews are important, the negative ones are equally important. This is your chance to ask the naysayers why they don’t approve of the idea or why they think it will fail.
Gather this feedback and improve on the points mentioned. Not everyone will buy from you but before you jump into a business it’s essential to gather as much information as possible. Evaluating and constantly refining your idea will greatly enhance the chances of your idea being named as a great idea in the near future.
The founder who has the ability to execute an idea at the right time with the right resources is the true entrepreneur. He has the power to turn the odds in his favor. It is not that a great idea alone will bring success, it’s the unimaginable hard work and impeccable execution of the founder that will help the startup scale. A successful entrepreneur is one who knows the difference between making great strategies and implementing them in a great way!