All business ideas are not good. The following is a way to discover and work with bad business ideas.
- If you listen directly to professionals, friends and family, you will know that your business idea is Diudi. If you don’t get help or spectators, you will discover that your thoughts are missing in your thoughts.
- Respond to business ideas from leader through local, online or alternative funds. If you find your business idea bad, take a step back and evaluate what went wrong.
- Use what you have learned to come up with better business ideas.
- This article is aimed at entrepreneurs who want to avoid following bad business ideas.
mediaindonesia.net– Do you think you have a good business idea? You may have to think again. Entrepreneurs are known to be the best way to earn money, but they often use a set of bad ideas before they work.
How can you say how you do business in your mind, where will it have a big success or sum? There are no standards defined in the business ideas, but there are many indicators that your plan may be wasted with time and money.
You have nine ways to drown your business ideas.
Nine ways to know that your business ideas are smell
If the next statement is true, your business ideas can be bad in your hand.
1. Some experts say your business idea is bad.
The surest way to know your business idea is disgusting is when the experts say your business idea isn’t viable. Not everyone you talk to deserves this kind of critical feedback, so think about your sources. But sometimes negative responses can be valuable insights.
If you’re looking for a credible opinion, find one or two experts in the field you’re seeking and ask them directly what they think of your idea. That’s the approach of Dan Wendell, a serial entrepreneur whose latest venture was boat safety company, Float Plan One.
Wendell told Business News Daily that the experts he contacts usually give honest opinions about his business ideas. And to make it worth it, he offers to pay for her lunch.
“People like to be respected as experts, and to be honest, they like to photograph things because they know what you don’t,” Wendell said. “And if you encourage it…that’s a good thing, because it prevents you from ending up in a dead end and puts a lot of money and effort into the process.” [Read related article: 21 great ideas for small businesses to get started this year]
2. Nobody buys what you sell.
It’s not just the experts you should ask for opinions on your business idea. Friends, family, and even strangers can provide valuable feedback to help you fine-tune your idea or discard it altogether.
When you talk about your users’ ideas, ask them if they think it’s okay to pay for the goods and services your business plans to offer. If your mother is the only one who wants to buy what you sell, your business idea is probably not good. “Every entrepreneur is excited about their idea,” said Mike Puller, president of Puller & Jordan Advertising in Miami. “However, success is measured in dollars, investors and customers. Once your idea convinces people to put their money somewhere, you can tell if it really is a good idea.”
3. You are not enthusiastic about this idea.
While external feedback on your latest business plan can help you decide whether or not to pursue your idea, there is only one person who can tell you with real confidence whether your idea is worth pursuing. As the person responsible for implementing a business idea, you are the best measure of the idea’s worth or futility. Ask yourself a simple question. Are you passionate about your ideas?
“If you are not interested in what you are doing, why are others interested?” Page Arnoff Fan, founder and CEO of global marketing firm Mavens & Moguls, said: “There’s a lot of buzz in every category, so if you don’t have a unique story to tell, or an exciting new approach or idea, don’t. go beyond”.
4. Nobody helps you willingly.
Few entrepreneurs start their own business without asking (and receiving) help. Whether it comes from investors, industry experts, or friends and family, external support is very important for new businesses.
However, if you can’t find the support you need to start your own business, it could be a sign that your idea isn’t a good one.
“If you ask someone for help, and it’s a good idea, you see the name of someone who can help you,” said Billy Bauer, marketing director of Royce Leather, a luxury leather goods company based in New Jersey. “If you don’t have a good idea, you won’t get help.”
5. Cannot be expanded.
How big is the company you want to start? Some companies are larger than others, but the most successful ones start to get smaller and grow over time.
Earlier, Danny Halarewich, co-founder and CEO of Lemon Stand, an e-commerce platform for online retailers, said, “Get started small.” He said he should start small to explain the inevitable adjustments that should be made as the business evolves. Brahm Kiran Singh, co-founder of CoachPal, an educational service for Indian engineering students, emphasized the importance of scalability in evaluating business ideas.
“There have to be a lot of target customers, and they have to be easy to scale,” says Singh. “The restaurant business is not as scalable as the SaaS business.”
6. Does not meet the needs of the market.
Sure, you may have invented a new product or offered another solution to an old problem, but that does not mean you have to start a business. Companies that remain in power must offer not only new ones, but also what people really need.
ConradBayer, CEO and co-founder of Tellwise, a cloud-based sales and communications platform, said, “It’s an area where entrepreneurs often make mistakes. They confuse novelty with practicality. If it’s new, it doesn’t help.”
Mark Meyer, software entrepreneur and professor of entrepreneurship at Northeastern University’s Damoa McKim School of Business, says that great business ideas deliver “must-have” solutions, not just “needs.” said to do Learning how to do market analysis helps solidify an idea because it has power.
7. I’m too short.
Many successful companies have gained market share in a particular industry. However, if the position you select is too small, we recommend that you reconsider. There may already be adorable boutiques and organic gluten-free smoothies, but if your business idea is related to a temporary trend, it can be a complete failure. “If there is a consistent product or service, the professional market will be a good idea if the size and tremendous test sales are not large.”
Robin Soto, Hollyear Holt Stem HollClass Mell agreed with Zurbuch, explains an e-mail message that provides a large growth market for sale, but it has been agreed only if it was performed properly.
“Make sure the market is quite large, and you and your team can provide this customer to better customers than alternatives.”
8. Do not generate buzz.
Many people try their business ideas in the largest public opinion court, there are: Internet. To determine if your idea is worth continuing, it plans to go to the same path.
“The best way to judge an entrepreneurial idea is to determine in my opinion because it can test it with the biggest audience, with a budget that feels at ease,” said Dustin Christensen, entrepreneur and Digital Marketing Manager Manager of Jackson WHITE PC a legal company in Arizona. “The goal is not making money from the door, but to get a realistic idea of the question for your idea.”
Christensen said he had tried various strategies to test his own internet business ideas, including the management of a Craigslist display and start a simple website to see if he receives particular attention. Many ideas that he has tested in this way, he said they were. But, as Christensen explained, it’s worth working through these bad ideas to find ideas that you can actually extend. [Related content: Facebook Marketplace and its alternatives]
9. I’m confused.
If no one, including you, can explain what your business idea is, it’s probably not worth pursuing. At least that’s what Jeff Harmon, president of Brilliance Within Coaching & Consulting, tells clients. Harmon said the main thing he looks for in a business idea is clarity. If a potential entrepreneur is not clear about his idea, the business is unlikely to be successful.
To measure clarity, Harmon adds, he uses a series of questions from business expert Patrick Lencioni.
To find out if your business idea is a bad idea or really worth pursuing, answer these questions for yourself:
- Why do we exist? (What is the purpose of your company?)
- How do we act? (How much is your business worth?)
- What are you doing? (What is the main function of your business?)
- How will you be successful? (How are you different from the competition?)
- What is most important now? (What are your preferences ?)
- who does what? (What is everyone’s role in your business?)
“If a business can answer these six questions simply and clearly, it has the start of a successful business,” Harmon said.
The best way to get feedback on your business ideas
It’s hard to know that your business idea isn’t a startup without listening to others. Also, it can be difficult to hear your business from others. please do not worry. You can easily get feedback on your business ideas when:
- Ask the experts. Identify thought leaders or significant achievers in your field. Contact these people with the details of your business idea (although a pre-research email may be preferable).Not everyone will answer you, but those who do can offer valuable advice. And in some cases, the leaders in your field may be people you already know.
- Test your standing. Create an online presence and see how people interact with it to get feedback on business ideas. Of course, you need a budget to create a website, run ads, and boost your online presence in other ways. But a little spending now is less than a full blast of bad business ideas.
- Alternative financing request. Crowdfunding campaigns can fail if the idea you are seeking funding for is not convincing. Likewise, angel investors and venture capitalists may refuse to fund your startup if your business idea is bad. If you seek funding from these sources and consistently fail, you may have unexploded ordnance on your hands.
What if your business idea stinks?
Bad business ideas are not the end of the world. Take the opportunity to restart and try again. Here are some steps to follow if your business idea doesn’t come true.
- Take a step back. A business idea can fail when the people behind it are so engrossed in every move that they can’t see the flaws in the idea. Now that you know you’re running out of business ideas, take a step back. Gather an objective record of everything you’ve tried before realizing your idea is bad. You will eventually have an emotional distance to do the right thing.
- Find out what went wrong. Look at the difficult facts in the objective record and see what went wrong, when and why. Evaluate the idea itself and how it is implemented. Look outside the other people involved in your business and see the economy more from the outside. You may find that you started at the wrong time or with the wrong people.
- Rebuild what remains. When you analyze your failures, you will probably discover that something went well. Write these things down and keep them in mind for your next venture. Write down the lessons you learned from failure and figure out how not to repeat it. You’ll be a better entrepreneur and ready to test your next business idea – and hopefully even better.