‘If wishes were horses, then beggars would ride’-so goes the long-standing adage. The essence of the axiom also holds true for ideations that have their light-bulb moments in the heads of countless individuals. Extrapolating that essence to the commercial world, it can be convincingly inferred that there is no such thing as a ‘bad idea’ or a ‘good idea’ but only ‘failed ideas’. The tormenting reality, to put it succinctly, is that among the million ideas that light up, only one business idea gets to see the light of the day. 99% of would-be start ups splutter, choke, and go up in flames or fall by the wayside for want of the following factors.
Fulfills An Unprecedented Need
You’ve been wracking your brains for quite sometime now to come up with a business idea that you strongly feel might prove groundbreaking. And then suddenly, you’ve that eureka moment which seizes you completely but then you forget all about it eventually. So, having a brainwave is futile if you cannot turn the idea into reality. Try to visualize if your inspiration can fulfills a particular need that hitherto remained unrealized or solves a specific problem that until now remained unresolved.
Did Somebody Get Here Before You Did?
Carry out a market survey to check out whether someone else has already turned your idea into business and is tapping the market for potential customers. Don’t despair if somebody has beaten you to it rather tweak the model a bit and go laughing all the way to the bank.
Creating a Road-map
In order to capitalize on your unique business concept and get recurring returns from the same, you’ll have chalk out a road-map that’ll depict your future course of action. You’ll have to run a reality check at every step to gauge whether the plan can be effectively made to progress from one stage to the next. Create a website and promote your idea using Bing, Yahoo or Google Adwords as well as publicize your theory on automated social media. See how many clicks your site generates-the ultimate aim is to figure out whether the idea will be viable in the long run.
Connecting with Target Segment
Instead of shooting in the dark, as a budding entrepreneur you should be able to fancy who your ideal or prospective customer is going to be. Carve up the market into distinct segments according to your convenience and requirements. After you’ve compartmentalized the market, see in which segment you can fit your product or service.
Looking Out for Critiques
It is ingrained in our psyches to seek validation for whatever we do and become crestfallen if our activities are criticized or censured. However, there should be sufficient number of people to negate your idea and find faults with the same. Your idea needs a fair degree of criticism and condemnation to keep your feet firmly on the ground. Apart from positive feedback, you’ll have to be prepared to stomach comments from people who believe in calling a spade a spade.
To say the last but not the least, you’ll have to be self-confident and optimistic about your idea. Inhibitions, hesitation and self-doubt will discourage from taking premeditated risks and surging ahead, despite the odds. As there is no standardized recipe that’ll warranty success, the only option open to you is to take the plunge and test the waters.