The Million Dollar Question: Is My Business Idea Feasible?
Before starting a business, we have all asked ourselves this question: “Is my business idea feasible?“. Rather than have the money to carry out a proposal, a company is built considering the entrepreneurial capabilities and the market situation.
The first step to know how viable a business idea is to contrast it with facts. We must study the markets and the competition. if the idea does not exist in the market, we need to understand why. Perhaps it is not very good or perhaps someone already tried it before and failed miserably.
The next thing is to brainstorm about the idea. Tell it to those who may be potential customers. Their opinions will be used to adjust the proposal to what they want. The idea should focus on the need of you targeted audience (consumers you want to sell your services or products).
A major problem for entrepreneurs is their lack of focus. They need consider that an entrepreneur’s most important asset is their time. If they are not clear on what to do, they will only achieve frustration.
RULES OF THE GAME
Not all business ideas are real opportunities. The analysis must take into account from personal capabilities to commercial and financial aspects in order to market a product or service based on the needs of the consumers.
A professional entrepreneur has to devote their time exclusivity because there is no one better than themselves to convey clients to buy the product, and transmit employees the passion they feels for what they do or sell. It is Ideal that an entrepreneur saves enough money to last about 6 months without an income.
One can consider various hypotheses about the possibility of getting customers, being in the right place to reach the ideal public or have a lucrative truth model, but you should not rely too much on hypotheses. The key for succeeding in a dynamic economy that we have today is to find a way to test these hypotheses and arrive to conclusions.
Some experts recommend asking the question of viability, but in reverse: am I capable of achieving to the idea? I.e., one should reflect on whether he or she has the capacities and skills needed to carry out the desired project.
In addition, although not essential, the best way to add value to the market is in a sector that is known. Entrepreneurs should understand that every business has its particular game rules, for this reason, it is best to start on something in which they have experience (This is especially true for those who have never done business).
Now, go out and make it happen!