Do You Have a Startup Idea? The 10 Questions Below Will Determine its Viability.
If you have an idea already, it’s important to know if the idea is viable before you dedicate time and resources to something that may possibly not work. Thousands of startups are launched every week, but few survive to tell their story. You don’t want your business to be another statistics of failed businesses. Get the numbers right, find out what can work and what will not work, invest some time to do research about your idea and start it right. These are 10 of the important questions you have to answer to determine if your idea is worth pursuing.
Will Your Idea Solve a Problem Or Meet a Need?
The number one key to success in life and business is to find a need and fill it. If you can identify the problem that your idea can solve, then you have found a viable business idea.
Is Your Target Market Big Enough To Create a Real Business?
To last in business, you need to find out if your idea has a large target market. You need consistent flow of patronage to last in business.
Can You Execute The Idea
Your capacity to execute the idea is of great importance. Do not go into a business because others are doing it. Find out, if you have what it takes to launch the business.
What Is The Simplest version Of Your Idea?
The easiest way to start a business is to make it simple. “And the LORD answered me, and said, write the vision, and make it plain on tables, that he may run that reads it”. Habakkuk 2:2
What Makes Your Product Different?
Accentuating what makes your business idea different or unique may be just what you need to jumpstart your marketing.
How Much Money Do You Need To Launch Your Idea?
Can you bootstrap your company? Or are you going to need a small business loan? Might an entrepreneur in the family be able to invest, or should you look for venture capital or an angel investor? Money is a big topic for entrepreneurs, and you’ll want to know your options early on.
Is This a New Idea?
There is nothing new under the sun but you can create a new idea from existing ideas. Is your idea new or unique? You must answer this question.
What Opportunities And Risks Do You Face?
The path to success is to identify the opportunities in your business idea and maximize them. Another important factor is to identify the risks involved and evaluate them. You should be able to know if you can handle the risks.
Have You Identified The Success Factors?
Every enterprise has the requirements for success. If you are able to identify these success buttons, you cannot fail.
How Will Your Business Survive And Grow In The Next Five Years?
So many businesses close within the first 5 years. If you can come up with a strategy that can help you last beyond this period, you are ready for business.
Work with these ideas, and your success in launching a new business will be inevitable.
You Will Succeed!
– Chinedum Azuh is the CEO of Learning Lab Nigeria and an Online Consultant with U.S.A. Learning Annex.
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