Do you have an idea for a million, and you are only waiting for the impetus to action? Or is she doomed to failure and has no potential for development? These issues inhibit many potential entrepreneurs before they decide to get down to business. But it is not necessary because a small doubt to throw the idea on the back burner.
Entrepreneur offers to answer 20 questions that will help you to understand really your idea is so good to spend her time, money and other resources.
If you are unable to formulate objectives that will help solve your product or service, it is likely that your idea is not entirely successful.
2. As others tried to bring this idea to life? What helped them succeed, and what hindered?
Research in this vein will help to learn more about your predecessors.
The more you can think of, the greater the likelihood that your product will be really popular and the idea can be successful.
If you can’t use simple words to describe the main features of your plan – is a sign that the idea is still not well established.
If such solutions already exist, than you will be different? If you have no distinctive advantages and features, you may need a new idea?
The presence of competitors is not bad, it only demonstrates the existence of a market. However, it is important to know what will have to face while entering a crowded market or how you will win acceptance among consumers who have favorite brands.
At the time of entering the market, you should know clearly what distinguishes you from your competitors.
This method of strategic planning aimed at identifying factors of internal and external environment of an organization and split them up into four categories: strengths),: favorable climate (weaknesses), opportunities and threats). It will help you to imagine how the probability of project success.
‘t have to be rich to start a project, but it is important to have a combination of time and money. How many of them will need – depends on the scale of your idea. If you at this stage do not have access to everything needed to implement your plan, it is better to wait until the situation changes.
Of course, with all the difficulties you can cope on their own. But if you decide to do business, should take into account the advice of more experienced players in the market. This can avoid unnecessary costs or other errors.
With that, you should start researching the market. You know who needs to use your product? General demographic data is not enough. Take the time for a detailed study of their potential audience.
If you don’t know the size of the market, you have to do a lot of research. Understanding how your product will be in demand and how much people are willing to pay for it, will help you to determine how viable is your idea.
Before investing in your idea, get feedback from your potential customers. This will avoid a situation where you offer them a product or service, in which no one will be interested.
It can be quite simple and not expensive way to check how your product is interesting for people. If a lot of visitors, you are on the right track.
One of the biggest mistakes entrepreneurs is the idea that they should be ready to launch the product immediately. Starting small, watch the interest in their product and follow the needs of the customers
Pre-orders are a clear indication of the recognition from customers. Just to talk about their interest – this is one. Much more so when you get paid.
Before starting the project, you should clearly know who will make the first batch of goods or services and how feasible it is to implement it within your budget.
If you have paying clients, you need to take care of the allocation of resources to meet demand. Think whether you have access to the necessary people and money?
19.What you need to do to reach the break-even or make a profit?
Some ideas require large initial investments, while others are not. If you have the first option, think about how you will manage your finances and daily needs until that time, how your product or service will gain momentum.
If you want others to join your business and help you grow, you must know how they can benefit.
You may need time to answer these questions. But when you do, you will understand how your idea is viable. If you were able to give positive answers to the questions don’t be afraid to take risks. If not, just keep thinking, what if your next idea can change the world.