You’re ready to advance your business idea. You have a captivating vision for tomorrow and devoted clients who interact with your business and share it with their friends about them. Influencers frequently feature your brand.
However, the hard reality is that most small enterprises do not grow into top startups. Around 90% of startups fail while 10% of startups fail in their first year.
So, although your vision is vital when beginning a business, you must also take the necessary steps to develop a sustainable firm.
In this article, we will talk about the 6 signs that you have an outstanding startup idea.
Here are 6 things that signal that you have an amazing idea or your new startup.
- Solves a problem
- No one else is doing it
- Is scalable
- You are passionate about it
- You have tested your idea
- Is financially viable
- You have realistic goals
The most critical aspect of any business is ensuring that your business idea solves a specific issue. It is critical that your business idea addresses a specific problem or meets a need, as this indicates that there is a market for whatever you are attempting to give or sell. If you have an idea, there are two essential questions you should ask yourself:
Does this concept solve a problem (or meet a need)?
Is the problem severe enough that consumers are ready to pay for a remedy?
Addressing these two questions is the first step in developing any amazing concept. Your concept must provide a solution that is so desired that it satisfies a large number of individuals.
For example, WhatsApp handles the challenge of communications across mobile devices, Google quenches our hunger for instant answers, and Nigerian Breweries Plc meets the country’s high demand for alcohol. All of these firms are thriving now because their primary ideas were focused on solving a problem and meeting demand.
It is not easy to come up with the ideal business idea. It’s also not an impossible task. You could have a million-dollar idea if you come up with a business idea that no one else seems to be doing.
The aim is to hone your concept till it is at its best.
As a fresh concept, your idea will encounter a few bumps and unexpected stumbling blocks, but at the end of the day, your goal should be to make people think about the following question.
“Why isn’t anyone else doing this?! It’s incredible.”
Scalability is the ability of your business concept to develop and be extended to a larger market. Scalability is achieved through evaluating the potential of your idea, discovering opportunities for expansion, and preparing forward for your idea to thrive in the future.
In order for any idea to be really scalable, you must first define your ‘core,’ or the focus of your idea. People will be perplexed if your company lacks focus. The core of your proposition is crucial for scalability because it directs how your company will grow and what the message of your brand will be.
For example, Facebook’s main mission has always been to interconnect as many users as possible. Facebook began by connecting Harvard students, then spread to Stanford, Yale, and Columbia, then to campuses across the United States and Canada, and eventually to communities worldwide. With 2.93 billion monthly users globally, Facebook is the benchmark for scalability today.
Your business will very definitely consume all of your time, so if you want it to flourish, you must be genuinely enthused about it. It’s vital that your project is something you’re passionate about, instead of something you picked because it looks lucrative.
Because beginning a business demands an enormous amount of time, effort, and perseverance, the idea should ideally be one in which you are both passionate and have abilities or expertise.
The most common reason for startup failure is a miscalculation of market demand, which occurs in 42% of cases. You can’t be sure if your business is viable until you put that to the test in front of strangers.
Test it – not just with acquaintances who will be too kind to tell you the truth, but with honest people who are your ideal intended audience, and then listen to their input.
SurveyMonkey is probably a great way to create a survey and see whether people really like what you’re offering.
You can also use SurveyMonkey alternatives if you’re looking for software that is more tailored to your business needs. If your target sample thinks your concept is amazing and wants to know where they can acquire it, you know you’re on to something.
If they’re not as enthusiastic, it’s probably not going to be as good as you hoped.
This is where things start to get serious. Your proposal may contain all four of the above criteria, but if it is not financially sustainable, it is not a practical idea. You must have the finances to fund your project, as well as a clear picture of how you will generate future revenue.
As enthusiastic as you are about a new company idea, it is critical to remain grounded and practical about it. When launching a business, you should not have a Field of Dreams mindset.
Just even though you have a goal and desire to develop does not guarantee that the rest will follow. While you may have an idea that is unique, innovative, or ahead of its time, it must be supported by a real, solid market opportunity to be successful.
Any new business case or new venture must have a good market that you feel you can offer now, not conceptually or on the assumption that this marketplace has a future.
Regardless of the rate of failure of a startup, learning from your own and others’ mistakes in business is the cornerstone to startup success and sustainability. To be at the pinnacle of your business’s field, you must respect your competition, know where you’re going, and keep up with all startup advancements.
Understanding whether your idea is worth continuing is a difficult undertaking, and you can never be certain. Finding genuine comments and encouragement can make a great impact and, more importantly, provide the confidence you’ll need to keep going when things become tough. Furthermore, always follow your instincts. It will lead you when you need it the most.