3 Things To Consider Before You Junk A Business Idea
Updated: Mar 19, 2020
The following is an article “3 Things To Consider Before You Junk A Business Idea” by Marc Primo.
We’ve all had that light bulb moment; an inspiring epiphany where you are convinced that your business idea is just what the world needs, and you are going to be the hero who will make it a reality.
But before you don that entrepreneurial cape, ask yourself these three all important questions that will tell you whether your business idea is gonna fly… or nosedive and land you straight in the mud.
Will anyone buy the product or service you plan to sell? — Before anything else, knowing if there is a demand for your bright idea is the best indication of a business idea’s feasibility. Conducting market research on this isn’t rocket science and needn’t break the bank. A quick survey where you simply ask your friends and relatives if they would buy your product is a good place to start because these are people who would like to see you succeed. Assuming your business idea is skewed towards the person you are asking (e.g. a lemonade stand and your 8-year-old nephew), chances are you will get a plain and simple yes or no. If it is the latter, then ask your sample market to expound why not, and use that insight to fine tune your idea before doing a second round of questioning. If after three rounds of surveying and the only person willing to buy your product is your mother, then take it as a sign that your business idea probably isn’t that sound after all.
Does your idea excite you? — You know the kind of excitement where you find yourself tossing and turning in bed at night, unable to sleep, with your mind racing as you imagine how things are going to be so great? That is the level of excitement your business idea should give you, not just at bedtime, but all the time—or at least in the months before, during, and after setting it up. People can sense when someone is excited about something and if you aren’t that excited about your brilliant idea, then why should your potential customers be? The passion you show towards your business will rub off in the quality of your product/service and on the faces of the people you hire. At the end of the day, you are your greatest critic and only you alone will be able to tell if your brainchild is something you realistically see yourself investing time and money on, or if it is something that you will quickly grow bored with.
Is your idea creating any buzz? — Ever notice how social media can be the Supreme Court of the Internet where every keyboard warrior is a judge? Well, to a certain extent, it’s true. While trolls will always be trolls, they still exist because they are often the ones who go against the grain. Shortly said, without “negativity” there can be no “positivity”, so why not login to your Facebook or YouTube account and throw your idea out there for all the pessimists to comment on? When your idea gets positive feedback from sensible netizens, and the trolls don’t come out of the woodwork, that is when you know that maybe, just maybe, you’re onto something big.