What makes a great business idea?

Coming up with a business idea is one thing, but becoming an entrepreneur is something else entirely. No you don’t have to have a passion for what you are doing as so many entrepreneurs like to advise, but you do need to have the determination to make what you are doing work. You need to be able to execute your business idea, and the ability to focus on your priorities or you will end up with burnout before you're even onto your first sale.

 

The key to good growth is to be able to find out the most efficient way that your business is making money, and find ways to shorten the sales cycle, and create an automatic repeat business engine, becoming smoother and more improved every time. However to get off the ground in the first place, you need that demand for what you are selling. If you are finding a lack of demand for your product or service, in your target market, maybe you need to ask yourself if the idea is worth it?

 

Entrepreneurs make the mistake of overvaluing their idea without doing the proper research into their market. Therefore it is important to test your idea early in the process and make sure there is a market for it. There is no point investing thousands or millions in an idea that could have been investigated or testing in the first few weeks of the process.

 

Understanding the complexity of taking your business from idea to realisation can be one of the biggest mistakes made by entrepreneurs. It’s important to cut out the bells and whistles when your product is fresh, and then build on it based on demand. Your finished product should work, and deliver your main objectives first, rather than trying to showcase an all in one product that may be expensive and overly complex.

 

Good ideas will generally not struggle to make money. This is why so many entrepreneurs say that you should at least get 50% of your funding from a third party expert and not out of your own pocket. Someone like a venture capitalist can see the value of your idea and have the experience to tell you when your idea does not seem viable. If you can’t attract capital it’s more likely there is something wrong with the idea, rather than a lack of capital.  

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Comments: 1
  • #1

    Mark A (Thursday, 07 February 2019 12:09)

    Many great ideas did struggle to get money though and bad ideas easily got funding. I suppose investors are only human.