We already know the ways to tell your business idea is good but has anyone ever told you that your business idea is bad? We always read about and watch success stories of entrepreneurs who have made it in business. My key take out has always been that most of those entrepreneurs failed several times before they got it right.
At some point in their starting up life, our business role models actually had bad business ideas. So how do you tell your business idea is bad?
1.Your business idea does not solve any problem
There is something very wrong with the picture when your business idea does not solve any problem. Supply without demand is a big no! We all like nice things but nice things that are actually functional (needed) always take the day. When you identify a problem and have a business idea that solves the problem, then your business idea is good.
2.There is a small niche market for your business idea
Having a large niche market for your business idea gives you a chance to be successful but when the niche market is small, you may have to rethink your business idea.
3.People are not willing to pay for your business idea
When no one is willing to pay for what you are selling, chances are your business idea is bad. When testing out your business idea on family, friends and, most importantly, strangers, you should take their feedback seriously. Does it seem that they would want to pay for your business idea? You may be needed to tweak your business idea to make people want to buy, thus turning it into a good business idea.
4.Your business idea has negative feedback
Not everyone will have your best interest at heart when giving you feedback on your business idea. Test your business idea on strangers for raw feedback or consult your mentors or business gurus in your industry who you trust to give you an honest opinion. If that opinion is negative, need I say more?
5.Your business idea is confusing
Do you or anyone else have a clear understanding of what your business idea is about? If you find yourself going around in circles trying to explain why your business idea exists to someone, it might be time to stop pursuing it. From the beginning, you must know the purpose and values of your business idea.