Every business idea is good. But not all ideas are viable. Most likely, you have a childhood dream of starting a business that will employ a thousand and one people. In fact, you at times picture yourself seated in a well-furnished office giving directions and pieces of advice to your subordinates. After much soul-searching, you decide to take a leap of faith and turn the dream into reality.
However, you are in a dilemma with unanswered questions. Will this idea work? Do I have the right skills? What if the idea fails? Definitely, the most successful entrepreneur you know was once in the same situation. The ability to evaluate the viability of their business ideas before implementing them is the force that pushed them to where they are today. Here is how they did it:
Determining the skill needed
Before embarking on the implementation process, it is essential to determine whether you have the right skills fit for that idea. For instance, if your idea is to start an online bookkeeping business, you need to know accounting. Also, in case you do not have the skills, you need to determine whether you are capable of hiring a person with the required qualifications. Otherwise, going into business idea implementation phase without the necessary skills will only graduate to failure.
The future predictions
As you know, businesses are perpetual affairs. For your business idea to be viable and implementable, it must have the capability of the fairing with the current and future technology. Even though an idea is sound, your business might die on its first day in operation. Take, for example, launching a business to sell landline telephone accessories.
Unless you do your business on Mars or any other planet in the solar system, you will have launched a technological museum where people can visit to view outdated technologies. As such, ensure that your idea has a current and future potential of streaming in revenue before implementing it.
Needed capital and size of the market
Imagine moving into business offering product that interests no one. Do you think it will be a cool idea? Of course, you know the motivation of any business is the revenue it generates. If nothing comes out of your investment, it will be the worst mistake or error you made in your life. For this reason, you need to consider the market size and the required capital to ensure you commit your resources to a worthy venture.
All in all, your skill set, market size, and future predictions are essential elements to consider before implementing a business idea. As such, always check them before beginning the implementation process.
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— DigitalCreativityLab (@labsofdc) 3 de enero de 2018
Additional Reading: Top 5 Business Plan Software Solutions in 2017