We are fascinated by the ingenious ideas that some start-up leaders have found to develop their business as the market was far from mature and traditional habits took precedence. Whether it’s carpooling, online courses at a time when all training was face to face, the French underpants that dusted men’s underwear off … Eureka! I found the idea of the century! The next day you discover that the brilliant idea has already been taken and you are fallen! So how do you find your business idea when you have a passion for entrepreneurship? It’s certainly not the security of finding the revolutionary concept you expect, but it can help you avoid entering the market with a product that will be a failure.
When you finally have to choose your idea, your concept, you ask yourself a lot of questions. Is this idea worth my time, resources? Won’t she just make a giant flop? Shouldn’t I run my team directly into the wall with such an idea?
These are all questions that pop into the minds of entrepreneurs when they start. Of course, it is not possible to be 100% sure that everything will go well with your idea, but there are at least a few ways to minimize the risk of failure.
Your idea is great, but it does not fit the market
Many companies today come to the market with goods that people simply do not want to buy. This is the first trap that many entrepreneurs fall into. The important thing is not to find your cool and workable idea, but that there is a real market, that there is a real demand.
Your product should solve a problem or at least a concern. Even if it is on a very small scale, it should somehow make life easier for your potential customers.
To be sure not to make a mistake, think first of the product, but of the problem and how you will find the solution. A problem inevitably hides an opportunity. Do not say to yourself “I could release this product”, but rather “I could provide a solution to this problem”.
At the moment, everything is going very fast, with the internet, especially smartphones. New needs are constantly being created. The world is now teeming with innovative startups that are changing things and technology. Of course, you need to know the current market you want to enter, but also its possible developments.
It is essential to analyze everything that may have an impact on the market in the coming years: social and political aspects, technology, economic growth … It is not easy, but it is nevertheless necessary to have a clear vision of, what this market will be like in more or less near future. Look for all the information you can find about trends in this market, on blogs, websites, newspapers, magazines, journals … You have no excuse for not being perfectly informed. That way, you avoid entering a market where your offer will no longer be suitable in the near future.
Of course, if you have not yet identified a target market, you can also use societal trends to find out what market you are in. Predicting a need that is likely to arise quickly is a risky game, but one that can quickly pay off in today’s world characterized by the constant development of lifestyle, technology, needs …
Choose an industry you are passionate about
By wanting to become an entrepreneur, you also choose to be fully involved in your project. You want to spend all your time there, so it’s important to choose an area that is really close to your heart. Your passion will be your best guide. There will inevitably be many obstacles that you will have to overcome later, so make things a little easier by choosing an area that really interests you. Do not necessarily seek to create a business, but rather to create a business similar to yours.
Share your ideas
It’s pretty hard to design, but it’s important to share your idea with other people. You may, of course, be tempted at first to keep everything to yourself, but in reality it is not necessarily a good calculation. Of course, it’s not a matter of sharing your idea with the one who comes first, but rather with your family, with friends you can trust. You need other opinions to get the full potential of your idea.
You will be able to identify the shortcomings of your project and what you can improve. When working alone, it is difficult to take the necessary distance from your idea. In your head, the idea may seem ingenious, but seem much less promising when you first present it concretely in front of an “audience”. Do not hesitate to involve them as much as possible, to ask them if they would buy your product, what they would change. It is this feedback that allows you to refine your idea.
Committing to an uncertain idea is not heroic. We can not advise you too much to follow these few rules before you start the adventure. Do not let your enthusiasm obscure your vision and lead you to failure with a flawed idea.