Many people have business ideas, but very few of those ideas are seen through. Yet this isn’t necessarily a bad thing. The wisdom of knowing which ideas are most likely to pan out is what separates the successful entrepreneurs from the ones that keep floundering from failed business to failed business.
As such, if you have an idea, we think it would be best to ask yourself the following questions:
Does the Idea Excite You?
Is this something you want to work on every day for the foreseeable future? Is this an industry you feel comfortable in? While you can invest or start something outside of your natural comfort zone, it will make things that much more difficult for you. Your own energy and happiness are resources just as important as any other. No one is immune to burnout, and you need to keep yourself healthy. That includes mental health, and too many entrepreneurs forget this.
How Would It Sound to Outsiders?
While you don’t need to give your idea a full Shark Tank style interrogation, nonetheless consider how your idea might sound to outside investors or even just other people. When you have an idea, you might be wrapped up in emotion about it. The passion is good, as stated before, but you need to have realistic expectations about the product or service as well as the current business environment. It might be wise to pitch the idea to someone you trust to give you an honest answer.
Is There a Realistic and Sustainable Demand?
There might be a demand for a product or service now, but do you think it will still be there in half a year? Several years down the line? Will you be able to beat or coexist with any competition that arises or is currently in the area? Make sure your business isn’t based on a fad and has a sustainable model. See that it fills a need many people have (or a few people are willing to pay a lot to have taken care of) and stands out among the crowd.
Similarly, you may also want to consider how the business would expand. Don’t get lost in delusions of locations in every state just yet, but is there a potential expansion model for your idea that would work?
Is It Feasible?
On top of the question of demand, you’ll want to crunch the numbers on just how doable the idea is for you in your current place in life. Some business ideas require more capital or will take a number of years to become profitable, and that might not be something you can provide right now. It can be a great idea, but you might need to shelve it if you can’t get outside else with it. A business idea might also require a move, more time than you can commit now, and much more. It’s ok to admit to yourself that an idea might not be worth it.
Performing more research never hurts. If you truly believe in your idea, you should pursue it and make every effort to see where it might work. Just don’t go too far in the pursuit of forcing an idea to work: there will be other ideas if you look for them, and you will eventually find something you can work with to start your entrepreneurial journey.
Any other thoughts on this subject? We would love to hear more of what our readers have to say, so please leave a comment below. We hope this article got the right ideas flowing for you and we wish you success with your next project.