We are fascinated by the brilliant ideas that some startup managers have come up with to develop their business when the market was far from mature and traditional habits took precedence. Whether it’s carpooling, online classes at a time when all training was face-to-face, the French underpants dusting off men’s underwear…Eureka! I found the idea of the century! The next day you find out that the brilliant idea has already been taken and you’re down! So how do you find your business idea when you have a passion for entrepreneurship? It is certainly not the certainty 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, my resources? Doesn’t she just want to make a huge flop? Shouldn’t I drive my team straight into the wall with such an idea?
These are all questions that pop into the minds of entrepreneurs when they start out. Of course, it is not possible to be 100% sure that everything will go well with your idea, but at least there are a few ways to minimize the risk of failure.
Your idea is great, but it doesn’t fit the market
Many companies today come to market with products 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 feasible 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’s 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 not of the product, but of the problem and how you will find the solution. A problem necessarily hides an opportunity. Don’t tell yourself “I could release this product” but rather “I could provide a solution to this problem”.
At present, everything is going very fast, with the Internet, especially smartphones. New needs are created all the time. The world is now teeming with innovative startups that are changing things and technology. You must of course know the current market you want to enter, but also its possible developments.
It is essential to analyze everything that can influence 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 the 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 not to be perfectly informed. In this way, you avoid entering a market where your offer will no longer be suitable in the near future.
If you have not yet identified a target market, you can of course also use social trends to find out which market you are in. Anticipating a need that is likely to arise quickly is a risky game, but one that can pay off quickly in today’s world of constantly evolving lifestyles, technology, needs…
Choose an industry you are passionate about
By wanting to become an entrepreneur, you also choose to commit yourself fully to your project. You will spend all your time there, so it is 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. Don’t necessarily seek to create a business, but rather to create a business that looks like you.
Share your ideas
It is quite difficult to design, but it is important to share your idea with other people. Of course, you may initially be tempted to keep everything to yourself, but in reality it is not necessarily a good calculation. Of course, it is not a matter of sharing your idea with whoever comes first, but rather with your family, with friends that 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 you work alone, it is difficult to take the necessary distance from your idea. In your head, the idea may seem brilliant, 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 cannot advise you too much to follow these few rules before starting the adventure. Don’t let your enthusiasm cloud your vision and lead you to failure with a flawed idea.