Knowing whether or not your business idea will be accepted by the market has remained a puzzle for many an entrepreneur. More often than not people will tell you how great your idea is but will not buy or invest – until you are a hit then say they always knew you would make it…and presumably how they encouraged you along the way. If you find yourself in such a position or you are in the initial stages after you have launched and the excitement is over… how do you really know whether or not your business will really, really fly??
The reality is some will, some won’t. You only need one idea to really make it. A couple of things can help you know if this is the one ….
An idea that will fly will have an unreserved need, be clearly unique, have sustainable differentiation, can be implemented immediately, is in a fairly competitive market, has been proved i.e. has buying customers, is in a growing market in which you have the possibility of being a leader in your target market.
Not all ideas will be feasible from the onset. Ideas change, grow and develop.When you find a need or market gap it may take a while for you to develop it to a feasible business idea. The more you analyse and brainstorm your business idea the more clarity you will get on whether the business idea will be feasible or not. Sometimes changes in the market: new technologies; changes in consumer tastes and culture; changing your target demographic can make an idea that was not feasible more feasible. Several factors go into determining the feasibility of an idea.
1. Your Business Model
Wishful thinking is
– expecting to enter an industry in the 21st century as a business that entered it in the 19th century using the same strategy and business model and being equally successful.
Your business model simply explained is how you make money. Industries have changed greatly in the past couple of years. As a start-up business, your chances of creating a new disruptive business model are high because you are not weighed down by your current clients or history of performance or current systems. You are starting from a blank slate and have the opportunity to dictate and create a business model that is innovative.
2. The Entrepreneur: You – your knowledge and abilities
3. The Team
4. Culture & Target Demographic
5. Developing Your Business Idea
6. Partnerships
Get more on the African Entrepreneurs Guide – Startup
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