Why your business ideas often fail
-
Loading... - Angela Waithira
- 21 Sep 2022
- 73 Views
- 0 Like
- 0 Comment
I have been behind brilliant ideas that never saw the light of the day. Irrespective of how beautiful your business plan may be, not all your business ideas will succeed because you have the financial resources.
Every day, I meet people who share their great ideas with me with great excitement. While listening, I can predict with high precision that most of those business ideas will fail. My experience as a Business Consultant has helped me to get a clear picture of why most business ideas often fail.
1. Ideas fail when it does not solve market needs
An idea itself does not create a successful business. Stop fantasizing about your business ideas. Sometimes, what you call or think is a business idea may just be a feeling. Most of the I have an idea are not often real needs. An Idea is a phase that stays in the brain. It always looks beautiful but rarely solves a need. Innovation
You must be driven by the market need and not necessarily by your own opinion or taste. Your business is either centered on a problem, not the idea. Don’t build first and look for the market later. It is the surest way to fail.
Every business idea must be validated by a market need. Every successful idea is an innovative solution that taps into market demand. It is not enough to develop an idea, research the potential market and competitors, and evaluate your results. If your results say NO, kill it. If it says YES, proceed.
If your market is too vast, your idea is going to fail. At first, you need to target a niche and expand with time. It is not enough to have a market need, there must be a significant number of potential customers for your business ideas, else there is still a chance that your idea may fail.
2. Ideas fail when you complicate them
It turns out that every industry has the same basic rule of not getting married to or falling in love with your favourite ideas. In Hollywood, when writing a script, it is called “killing your darlings.”
If you have a character in the script or a plot twist that you fall in love with and the whole movie seems to be revolving around it, you are going to destroy your movie.
In engineering, it is “keep it simple.” Do not complicate what you are building. Do not stubbornly cling to something just because you are enamoured with your creativity.
Building numerous features and differentiators at the same time will not necessarily make your idea distinct from your competitors. Besides, it takes money and more time to build a feature-rich product. keep it simple and basic at first and add other features with time.
Be married to the problem, not the technology. If you are married to technology, you might easily give up due to stress induced by setbacks or boredom. Being married to the problem will motivate you to have the perseverance to continue through hard times or tedious work. Falling in love with your startup idea is both important and dangerous at the same time. Read More…
