7 Signs of great business idea
Today, many people are inspired by the idea of startup and many are trying to jump into being an entrepreneur without even analyzing the factors about the difference between theory and practical structure of the idea, demand & supply chain, market, user perspective, etc.
The first step to start a startup is an IDEA. If you have a great idea, you can take the next step to plan and start setting up the business.
But most people fail to analyze their first step- IDEA. As a result, they lose their valuable time, lower the confidence, loose money, and mindset assets because the startup is doomed from starting itself.
Now, how to analyze that your idea is one-in-a-million and it works in the future?
I have some factor which can help you analyze if your business idea is great and practically works:
1. It solves the problem
Who doesn’t love to have a perfect solution to solve a problem? Today, everyone is looking for a solution, some even buy things to solve problems they did not notice previously, or to automate the manual work.
For example, Amazon, it is the platform creating automation for buying and selling all kind of good and offering solutions like having access to global good so, everyone has the option and can sell & buy the quality product while sitting on their couch, no need to travel anywhere.
A business is always created on a strong idea to solve one or more problems. This way it creates the automatic demand in the market.
2. It’s scalable
Your idea must be scalable as you grow because if you want your idea, your organization to grow you must launch a new feature with the cadence of at least 6 months.
If you are not providing anything new or updating the current solution you might take off like a rocket but since the market is growing customers will abandon you and your solution because there is always someone else providing a better solution than you.
So, an idea must be scalable!!!
3. It isn’t easy to copy
Your idea must follow a monopoly which is not so easy to copy.
Even if someone is trying to copy and create an advanced solution, it should take a minimum of a year for them to create and launch in a market.
Till they do that, you must move to the next advance phase with your idea so they will always become the second choice of your customer.
In every next phase, you must offer a solution based on creative, innovative, and automation factors.
4. There is a huge demand
If people are not looking forward to the solution you are going to provide that means they prefer to face the problem and take the road of manual work.
Now, you must find out why they prefer the manual working option, is your solution cost more than they can afford or are you providing a solution which is not so easy to use and not that effective.
For this, you must stand out and try users' perspectives to know more. Try to collect feedback and solve issues to make your product better, let people know that you have a solution to their problems, and most important do not fall in love with your own product because you won't be able to see the area to improve.
5. You are passionate about it
If you are driven by your passion, you tend to become creative and innovative because you tend to see the problem better than ever and put your soul out to create the solution.
But if you are just driven by money and a feeling of proving yourself to others, you tend to fail. You fail not because others say so, but because you don't know what to do next.
For example, if you are passionate about something, you tend to focus on solution and money automatically comes on your way. But if you are just looking out for money without serving the best quality work the money gets out of your way.
So, focus on your passion and interest- money will flow your way!!!
6. People are willing to pay for it
When you solve a certain problem either known or unknown, you create value by educating people and provide a better way to do things.
People will be willing to pay and buy your solution when your solution is affordable, save time, save manual work, and save money.
So, if your solution is offering these values, people will certainly buy it.
7. It is different from the current solutions
If you are providing a creative solution than what already exists in the market, you tend to grow.
But if you are just copying the idea and not providing any additional value in terms of quality or quality, new features, or updating existing features, then it becomes difficult to even turn customers from the original product, and generating new leads become the whole new issue.
In this case, surviving in the competition becomes impossible because someone somewhere is being creative, innovative, and passionate about this exact same thing and trying to serve people with the best solution. If that not you, you are not going to survive.
Consider analyzing and testing your idea against each factor listed above to create new change and become the Single Emperor of the Empire, the one-in-a-million.
