5 Signs of promising business ideas
What thoughts come to mind when one talks about starting his/her own business? Usually, the first thing we think about is a business idea. We want to find a promising, good, relevant idea, to start working in a less competitive but at the same time profitable sphere.
The problem is that a person who wants to start his/her own business, every day thinking about dozens of ideas, each of them seems to be successful, interesting and promising. But as the realities of the modern business show, no more than 5% of all startups are successful. Here are some signs that are listed out based on the knowledge of promising business personalities and vibrant entrepreneurs.
Deep Faith and involvement
First of all, the viability of a business idea depends on one’s actions, willingness to work, goals and objectives that you set for yourself. If your main goal is to earn money, then you are very likely to never get it. Of course, finance is a great incentive to work and develop your own business, but making money is only an alternative way to achieve higher and greater goals.
Business is a risk and there are often black spots when you are not making money and we often collide with a deep under-budget. But having self-belief determines the perspective of your chosen idea. Steve Jobs quoted: “Imagine that today is the last day of your life. What would you like to do? If, among other things, you’re on the right track to go to work. Your business should be successful.”
You should not just love what you do, but be a real fanatic, a freak ready to follow your goals, principles and ideals to the last breath.
A simple Idea – A promising Idea
Do not immediately seek to create something majestic, huge, known throughout the world. It doesn’t happen that way. Don’t allow yourself to think of an idea that can turn the world upside down, otherwise, it just ends with a risk factor in the beginning stages itself.
Looking at the biggest companies in the world- Google, Facebook, Apple – and remembering where they started, one can generally say that they all did not plan to be the largest in the world but started out with smaller and meaningful steps. For example, Google started out by simply organizing books in the library, writing various algorithms, which later became the basis for the search engine.
In conclusion – ideas become big in the process of development, not immediately after “birth”. Also, think less and be afraid. As Sergey Brin said, While you think your competitors are launching a naked idea, you think about development, they create a beta version, you think about where to get the money, they earn the first dollars, you think and decide to launch and your competitors already have the first million.
The idea should be easy to explain
We’ve already talked about the idea of being simple. But the simplicity is also that you have to explain the essence of the future project without much effort. A beginner entrepreneur will often have to tell you what he/she does – his friends, potential partners, investors, clients. And if this explanation is delayed for a long time and it gets difficult having a grasp on it, then think about whether it is worth doing this type of activity?
“A key to knowing if you’ll be successful isn’t so much whether [others] like your idea, it’s If they can easily understand it with minimal expectations,” said Andrew Hersch, COO and co-founder of City Lunch Club, a company that delivers fresh lunches to New York employees from some of the city’s top restaurants.
Having the Idea fill a niche
If your idea for a business solves a very specific problem- one that sheds light on a few people initially, then the ideas ought to be onto something big.
Businesses that cater to a small segment of the population need to be sure that there are enough people out there to buy the goods or services they offer. But by tapping into specific demographic, prospective business owners can often find an untapped market for even the most out-of-the-ordinary ideas.
A small number of steps to the first profit
When and how will you get your first profit from the project – it is hard to say for sure, but nobody prevents a beginning entrepreneur from planning everything. And if already at the planning stage you can see that for the first profit one needs to go through many stages, then this business idea will be difficult to implement.
The more stages, the more additional resources, the means and help will be needed to be used for a successful passage. Generally, promising business ideas have a fairly short way to profit and this path can be passed not in one month, and not even a year, but the stages at least which allows you to focus more seriously on each specific task.