We all get hit by at least one idea when we get bored of our salaried jobs and wonder if this idea could change our life!
Well any idea is no good until its successfully executed but blindly going ahead with an idea and assuming it would work is a big NO NO.
We need to be very careful when we make a decision of getting our idea to work. Get the correct answers to the following questions, because if it fails – you are at loss of money, time and energy.
1)Does your idea have a sustainable future?
Even if your idea succeeds to form a stable business, how long can run it? Can it go down 10yrs giving you a good return?
Your idea should not land in a situation such that in span of few years you need to think of another idea!
2) How much competition currently exist?
If your idea is something that already has heavy competition in the market, it might not be a very good approach to go ahead with it until you have something more to offer to customers than what others provide. With competition around, it will take your time to come up in the business with your competitors and hence will delay the time in getting profits.
3) Do you have all the required skills?
It is best to get into business where you can utilize the skills/resources in hand to its best level. Also detecting the key skills required for a business, without which one cannot proceed is equally important.
Eg: if you have a restaurant, the main skill holder will be, the chef!. If food is great, no matter the rest attributes, you will have good amount of customers footfalls. (Being a foodie this example was obvious for me ;))
4) Do you have further plans for your business?
A successful business will not remain successful for long if it does not offer ‘new’ to its customer base over a period of time. With rising competition it will get overtaken sooner or later. It’s important that you do foresee some milestones for your business and implement some changes over span of every few years.
5) Are you ready with ‘Plan B’?
It might not always be required to have ‘Plan B’ ready, but will be safer approach in some cases. As in case (god forbid) bad luck strucks you, and your business fails, you have some option to recover money/pay back loan etc which was picked up for the business.
Hope this little article helps you make more wiser decisions with your ideas 🙂