Today’s business landscape has become more favourable to entrepreneurs and startups. However, this doesn’t guarantee complete success. Before leaving your 9-to-6 job to become a full-time entrepreneur, you need to know if your business idea is good enough to take off. Here are some questions you must ask yourself:
Does your business idea address a problem?
If your answer is no, ask yourself further how it could be valuable to anyone. People support a business because they need it. You need to be clear on what problem you want to address. Otherwise, people will not be willing to pay for it.
Is there a niche market?
There’s no such thing as a business for everyone. Your business idea should appeal to a specific group of people. If you aim to target different (and random) markets, your business will not be sustainable. It’s always better to have a solid niche than several markets that are feeble.
Has it been tested?
You’ve probably heard about how being wild, weird, and crazy about business ideas pay off. While it could be true, if you don’t have the time and finances to risk, it’s always better to be on the safe side (at least in the beginning). For example, if you want to build a space for the gig economy, consider looking at franchise opportunities for a coworking space than starting something new blindly.
Does it make other people get excited?
As it’s your idea, you have grown attached to it. If you want honest feedback on how you can improve it, you need serious expert advice. Ken Jones, who is an associate director for an Entrepreneurship Centre in the US, suggests having an uninvolved mentor who will give objective and unbiased feedback to polish your idea until it’s ready to launch.
Quitting a full-time job to pursue doing business and entrepreneurship requires twice as much of your time, effort, and commitment. While today’s society has made it easier for entrepreneurs to launch and thrive, you still need to make sure your business idea isn’t just a fad. You need to be able to predict its future success and sustainability.