Business ideas: a no strings attached relationship
Most businesses failed dismally before they could get off the ground because entrepreneurs went for what seemed like gold without conducting any studies.
Not all that glitters is gold
When you have one of those “brilliant” business ideas it is very easy to be caught up in all the fairytale that the idea paints on your mind.
The key to success is to be critic with your business idea
You start to imagine all the money your idea will make, how your idea will change the world, how famous you are going to be etc.
And you may forget that not all “brilliant business ideas” are viable.
And the more clingy you are to your business idea, the harder it is to admit if it turns out not be the-next-big-thing (feasible).
Don’t tie the knot before being sure
I strongly believe in “just do it anyway”, because I know the only way to know if I can do something is by doing it.
Business involves more than financial risks, so you gotta be prepared for that!
But when it comes to business, one needs to remember that the risk involved isn’t only the financial one.
Emotional, career, social and psychological risks are also involved.
So one needs to be prepared for what they’re getting themselves into. The entrepreneurial journey is rocky on its own.
Embarking on it with half-baked business ideas is like watching Titanic the third time and expecting the ship not to sink.
Study the market is what really matters
A “brilliant” idea is worthless without a person willing to buy what it got to offer. Thus, to get a successful result you should never forget these four things:
- Who your target customers are
- What is the value proposition to that customer
- What essential capabilities are needed to deliver that value proposition
- How strong is the wil of your targeted customers to pay for the services/products you are offering
Business is about closing deals
Before you invest energy and resources in your idea, you need to fully assess the realistic scope of your business idea’s potential success.
You must be willing to be rational when you arrive at “go-or-not-go” stage of your feasibility study.
The amount of passion you have for your idea is irrelevant if it is not going to make your business some sustainable rands/dollars and make a significant impact-leave it.
Why the “no strings attached” relationship is important
1. To be open to feedback
Oftentimes we sign-seal-deliver our ideas such that we’re unable to receive criticism.
Feedback, good or bad, it is important for you to use to evaluate and improve your idea.
2. To understand that when it is over, it is over
No amount of passion or money can change a bad idea into a good one. If it is not feasible and you have exhausted your strategies, leave it.
And the only way to move on and explore is by having a “no strings attached” relationship with your business ideas.
3. To not be clingy
If you have found your idea to be viable, also don’t be too clingy to it for that’s how it might end up being an idea!
Work on it and don’t be afraid to share it with people for further evaluation or for execution purposes.
And also don’t let your obsession with your business (after executing) make you resistant to the revolution in your industry.
There’s nothing wrong in being flexible, but the only way to be flexible is by having a “no strings attached” relationship with your business ideas.
Did you find the article useful? Interesting? Leave your opinion in the comments below. I’d love to hear from you!
For more business and career tips, check our entrepreneurship section and subscribe to our weekly newsletters.