Is My Business Idea A Good One? The star

Is My Business Idea A Good One?

The starting point for most entrepreneurs is an idea and everything else that flows from that point. How many times have you heard people say “all I need is a good idea” when talking about their business ambitions or their financial status. This isn’t entirely correct; there are some different aspects that impact on the success or failure of a small business and a great idea is important, but it is only one aspect.

Promotional activity, networking, quality service and even luck can all come into play when it comes to the thin line that separates “winners” and “losers.” There have been plenty of small businesses who had a basic idea, but they managed to achieve success through active promotion, hard work, effort and a slice of luck. Some people will tell you that it is better to be lucky than good, but of course, you really can’t control luck, so it is important to focus on other aspects, and this is where the initial idea for your product is so important.

You need to get opinions from other people

If you have an idea, it may strike you in a lightning flash, and you suddenly see the potential benefits, but it is always important to get the opinion of other people. Asking “is my business idea a good one” is a very tough question to ask people but until you start asking people, you cannot be sure how other people will react to the idea you have conjured up.

However, you need to be aware that people will often not give you a straight answer or provide you with their genuine opinion. If you are asking someone that you know, they will be far more likely to provide you with the answer that they think you want to hear as opposed to the answer that you need to obtain. These people are doing this out of friendship, admiration or even love for you, but they are not helping you.

Ask people would they pay for your product

This is why it may be better to ask people “would you buy my product?” This gets to the heart of the matter, and you will quickly find people’s honest reaction to a product or service when they are being asked to pay money for it. You can offer them a discount or ask them to make a deposit there and then, and this will provide you with a more genuine response from the people you ask.

You have to brace yourself for this because it is likely that you will receive tougher responses that could hurt you. However, if people aren’t willing to pay for what you offer, you have to ask yourself if it is something that is worth producing?

Feedback is essential, but it is vital that you get genuine feedback. As with so many things in life, asking people to “put their money where their mouth is” may provide you with the most honest response.

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