When you’re planning on starting a company, you may think you have an innovative plan and an idea that virtually guarantees success. It’s easy to allow excitement over a business idea to cloud your judgement instead of honestly assessing whether that idea is, in fact, good. Even plans that are brilliant and thought out sometimes fail, and it’s prudent to move carefully through the planning and preparation stage. When you test your idea out and challenge yourself to improve issues before you even start, you can save yourself a significant amount of heartache and stress down the road.
There are certain questions you can ask that help you assess the integrity and potential of your idea. Asking yourself any of the following can help you see whether your idea “holds water” and will allow you to achieve success in your entrepreneurial venture:
-Who else is doing something similar?
-Will your concept confuse consumers?
-Will you have to enter a highly competitive market as the new kid on the block?
-How much funding do you need to get started?
-What needs will your product or services fulfill?
-Who is your target audience, and why would they be interested in your product?
-Do you need to take steps to secure patents or legal protections for your product?
-What do you have that will give your business a competitive edge?
Starting a business and achieving success is not easy, even with the best business model in the world. This is why it is crucial to really test your idea before you move forward. It takes a careful balance of an original idea and hard work, but all the effort in the world may not overcome an inherently bad idea.
Many successful entrepreneurs learned the hard way that their original business idea was not that great, but that doesn’t have to happen to you. After an honest assessment of your plans, you may find that a few tweaks or even starting from scratch is necessary. However, this is always better to do now than after you’ve already invested a significant amount of time and money.
By Meagan Kerlin for Vertu Marketing LLC