Today, just stop what you are doing, and ask yourself – Am I happy doing what I do? Yes? Maybe? Kind of? With so many hours spent in the office, a job should be much more than a monthly pay-cheque. Should it not? It should inspire you every day.
Every business starts as an idea, just a spark, and an idea that shifts your business brain into first gear. But a great idea is just on the first steps towards a great business. If all good ideas transformed into profitable ventures, everyone would be an entrepreneur. The fact is, some ideas are workable, some are not and there are yet some others that need a little bit of luck, funding, and faith.
So how do you decide? Ask yourself some tough questions that will expose the weakness of your idea – or reveal hidden strengths. Let’s help you evaluate your business idea and help you take the plunge.
Is this idea something you really want to explore as a business?
Most Entrepreneurs love and live their businesses. It is much more than a job. It is a passion. So take a moment to think, if your heart is into it. If you enthusiastically scream a “YES” Read on!
Is this business idea something you are capable of doing?
Your idea is a spark, a store of inspiration. But translating an idea into a business calls for a lot of hard work. So ask yourself – “Do I have it in me to sweat it out and do the hard work required?”
Does this idea tap your personal strengths?
Not everyone can run a restaurant, a hi-tech business or even a small gift shop on Etsy for that matter. Your strengths and weaknesses go with you to work every day, so make sure your idea aligns well with your personal strengths.
Does this idea meet a need or solve a problem?
For a business to be profitable and have a customer base, it is essential that the business is addressing a problem, a need or a desire. If not, you will be enlisted with the task of creating a sense of need first before presenting your solution to the customers
Will you be taking advantage of a new opportunity?
It can be crucial to have the right ideas in the right place at the right time. Demonetisation and movement of the economy to a more cashless economy presents a great opportunity for alternate payment methods like Paytm and Freecharge. So is your idea too, taking advantage of a new opportunity?
What would be the limitations / weakness of this idea?
While one understands the strengths of a plan/idea, it is also vital to know the weaknesses and limitations of the ideas as well. This can help you to refine the idea/business plan and put your business opportunity in perspective.
Would this idea actually make money — and how fast?
Rather than just asking if a customer might be willing to pay for your product/service, here we try to understand how long it would actually take for the business to generate profits. How long can you wait, until you see the numbers in green ink? Who will spend money for your product or service?
Go to the drawing board, and see if your idea stand the test of these questions? Do the research, and start your own business. Stop making excuses, and take the plunge.