Entrepreneurs often suffer from having far too many business ideas rather than too few.
It’s something that sets them apart from the rest of the world.
These people see a problem and their imagination fires up with clever solutions that could be big moneymakers.
These serial entrepreneurs need to carefully filter these ideas.
They need a way to answer the question “Will My New Business Idea Succeed?”
If you’re one of these idea innovators, you’ll know exactly what I mean. Your mind bubbles over with opportunities and you’re amazed that other people haven’t seen and exploited what you’re thinking.
But you’ve prpobably learnt from experience that you’re too often a starter rather than a finisher.
You start developing concepts, spend some money and think through ways to commercialise it but before too much else has happened, you’ve found a few more ideas for solutions to other big problems.
You need a way to focus on one or two big ideas and, to do that, you need to have a way to think critically about your idea.
Will My New Business Idea Succeed? Not If It Fails To Meet The Three Big Risks
There are three big risks that you need to consider:
- Demand risk – are there enough people who want to buy what you sell?
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- Competitive risk – are there strong reasons why people should buy from you rather than your competitors. They must believe they get better value for money from you which can be better value/quality for a similar price or similar quality at a lower price. I urge you to read up about customer value.
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- Capability risk – can you do what you promise 99% or more of the time? Things will go wrong and, even the best businesses have service problems occasionally but you won’t build repeat customers if you let them down,
Give these three areas a lot of thought and don’t take your success for granted.
Your success in your new business will depend to a great extent in your marketing and sales skills.
