We often are brimming with ideas, and would like to pursue them all – or at least sevreal at once. How to decide? Here are 3 questions to be asked:
1. How does this business idea match your skills and passion?
Look for a match with your background, skills, and passion. It’s challenging enough to start a business – don’t tack on trying to learn a broad array of new technical skills or knowledge at the same time. Passion is a crucial elementto take you through tough times. It also aids you in the selling process, since your enthusiasm will be genuine and infectious.
2. Is there a market for your business idea?
ust vecause tou (and perhaps your friends and family) are enthused about your idea doesn’t mean it will translate into a viable and profitable business. Be clear about who your customers will be, and if the market is big enough to support your enterprise. For example, if you live in a rural area and want to do exclusive catering, there may not be enough people within a geographic region to make your business a reality.
3. How will you reach your market?
Once you’ve determined that there are enough people willing to plunk down their cash or credit card and pay for you rproduct or service, determine how you will connect with them. Be realistic. If you want to start a business that caters to a specific target audience – eg. high-net-worth individuals, business owners, mothers, athletes, etc – do you travel in those circles? You can’t gain instant credibility or access to a market, so pick one in which you already have some traction. And a warning: saying that “everyone” is your market is the kiss of death, because there’s no efficient way to connect with “everyone” (in spite of the Internet).
It may have taken you only 60 seconds to read these questions, bu it may take you weeks (or months) to answer them fully. Keep at it. Your answers will help you refine your ideas and become a blueprint for your business.
