Make It Or Break It: How Innovative Is Your Business Idea?

You came up with what you initially thought it was a great idea for a business. However, after giving it a bit more thought, you slowly, but surely, started doubting your idea and then maybe yourself. Could this be my breakthrough or is it more likely going to be a one way ticket to hell? This is the question every entrepreneur has asked himself at least once, before going on their own.

Only few have succeeded and we are about to unravel the secret of their success!

Here are a few questions you need to ask yourself before getting on to business. Save time, energy and resources! These tips will help you identify and distinguish a real opportunity from a false one.

#1 What problem am I solving?

If you don’t have a clear answer to this right from the start, maybe it would be better to start focusing on something else. You are unable to state what problem you are addressing and what solution you are offering. Chances are, this is one unsuccessful idea for your startup.

#2 Is this idea already on the market?

Before getting lost in your thoughts, save yourself some time and energy and check if the idea has already been explored in the world. If it’s not, you might have just made a great breakthrough! But if it is, here is another question for you to keep in mind:

#3 How did other people handle it and how did they succeed or why did they fail?

There might be a lot of room left for improvement. Turn your creativity on and start thinking about authentic ways in which you could use your idea. Analyze your predecessors first and then get started!

#4 How many benefits of your product/service can you list?

The more benefits you can enumerate, the greater the chances of your product being successful. It only means that you are meeting a need that is real and unconsciously asked by the people.

#5 Are you able to explain the key features of your product/service?

If you are not able to do so, it means that your idea is not very well put together. You still need to think it through, until you will be able to state its key features effective and concisely.

#6 Who are your competitors?

The thing about competitors is that as long as you have them, it only means that there is a market to launch your product in. A little bit of competition doesn’t hurt anyone. However, if the market for your product is already overcrowded, it is going to be even harder for you to make a statement.

#7 Have you done a SWOT analysis?

At this point, a SWOT analysis is essential. It will give you a sense of reality, in the sense that it will help you understand better what are the strong or the weak points of your idea. It will also show you potential opportunities and threats, giving you an even better overall idea of your success.

#8 Do you have a mentor and the required resources for starting a business?

You can certainly choose to go on your own, but wouldn’t it be better for you to have the advice of someone who has experience in this domain and who can prevent unnecessary mistakes or step-skipping from happening? A mentor could be the right direction to go!

As for the resources, you don’t have to be rich to initiate a startup. You do, however, need some money and time, a combination that varies according to the scope of your idea. If your financial situation is not looking good at the moment, it is advisable to wait until things get better.

#9 How large is your market?

You need to be able to evaluate this concept, otherwise you are looking to a potential failure. How many people would actually need your product and how much are they willing to pay for it? Here is, yet another measurement that will determine how valuable your idea is.

#10 Have you asked for feedback?

Talk to friends and family about your idea and ask them for feedback. At this stage, you are looking for a brutally honest truth. New entrepreneurs tend to get stuck after finding what they consider to be a great idea for a business. A feedback from the closest people around you will provide you with a reality check. If you are the only one thinking that your idea is great, maybe it’s time to evaluate the situation.

You might also want to build a MVP (Minimal Viable Product) if you are thinking about launching a technology-related product. Use it and let others do the same. This will give you an idea whether your product is going to have a future or not. If things go well, start building your own brand around it.

#11 Have you thought about a plan for acquiring customers?

Your business plan should be accompanied by a plan designed for acquiring new customers. How are you going to gain your very first customer? What about the 199th? You need a clear marketing strategy which should be explained to investors, partners and anyone else you come in contact with on your way to success.

Take these 11 questions into consideration and then go from there. Build a startup that has a lot of personality and which can really make a difference in the world. This reality check will show you exactly where you are standing!

 

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