Most business ideas are born out of the fact that there is a gap in the market that needs to be filled. But is there really a gap in the market or is there no market in that gap at all. This is one place where most entrepreneurs falter while coming up with their business plans. The entrepreneur fails to understand that sometimes, simply, there is no market.
In most cases, the thought originates from the imaginary conclusion entrepreneurs draw- “People might need this!” But they fail to notice the word “might” in their thoughts. Most entrepreneurs forget that people will be having better alternatives to your service already. So tapping into a dead market is potentially a fatal startup idea.
It is this bad habit of entrepreneurs treating themselves to their own cool aid that kills startups. They feel that people might need this stuff or service. The question to ask yourself for a evaluating a business idea is – Have you felt the need for this service/product? Would you pay for it? And I think there is no better sure shot answer for testing how valid and marketable your business is.
In conclusion, the fact is that you cannot base your business ideas worth on the notion that people might need it. You need to be positive that there is in fact a market out there and that you can present yourself well in front of them. It is very erroneous on your side to assume that your business would be having a market – establishing the fact is what is important!
Thank you for reading and do let me know your views below.
Get your creative juices flowing and get ready for The Next Big Thing. No one can clearly predict which idea is going to be popular. But usually the most innovative ideas come from entrepreneurs like you. So if you are someone who is always brimming with ideas that have the potential to be recognized by the world, then The Next Big Thing is an awesome opportunity or you.
The Next Big Thing offers you a global platform where you can share your ideas. Whats more? You also stand the chance of winning some great prizes. There are two categories of prizes:
Judges Choice: The TNBT idea that catches the judges eys most stands to win a full HD Japanese brand camcorder worth S$999.
Audience Choice: The idea which generates the most “Likes” in the Facebook application Leaderboard page here will be declared the winner of the Audience Choice award. The Audience choice winners will also get a full HD Japanese brand camcorder worth S$999.
(Here is a tip to win the TNBT Audience choice award: Invite all you friends to like your idea and get the maximum number as possible.)
If you have your ideas in the format of a business plan, then there is an even more cool option for you. I would seriously recommen that you sign up for the Lee Kuan Yew Global Business Plan presentation competition. The Competition is open to all full-time university undergraduates, college and polytechnic students.
If the Business plan you send is selected for the final round then Finalists from overseas teams will receive 2 economy class tickets to Singapore to compete in the Finals!
So all young entrepreneurs out there, what are you waiting for?? Sign up for the Global Business Plan competition here.
All entrepreneurs aspire to become CEOs running their own companies with hundreds of employees under them. Its a great dream and it is indeed worth going after. Especially in this economy that is becoming more and more entrepreneur-friendly. We saw how the recession caused the mushrooming of so many entrepreneurs who otherwise would not have explored the entrepreneurial side in them. Being forced into the situation of no income made them think of new ways to earn money.
But before you go ahead and become a CEO for a company, first, become the CEO of your life. Life is much more complex than running a company.
The man who cannot lead himself cannot lead others.
Bef0re you start to think of yourself becoming an entrepreneur who is managing a company. You need to ask yourself the question: Can you manage yourself?
You first need to take stock of yourself. Live an organized life that allows you to take the maximum productivity out of yourself. Just like you would do a SWOT analysis of your business in the business plan, you need to do a SWOT analysis of your own life. For those of you who are unaware of what SWOT means, SWOT- Strength, Weakness, Opportunity, Threats. Basically, if as a person you know what your weaknesses and strengths are then you can begin to work on them. You could get into a business that uses less of your weak points and optimizes on your strengths.
It is quite true that once you enter into business, your relations with loved one’s begin to suffer. You may start having health problems. Getting into vices like drinking and smoking is also observed. This is all because of the hectic and stressful life that many entrepreneurs have.
Time management is another factor. You need to be the master of your time. Procrastinating and delaying things for the last minute is not a good personality. If you want to be someone eminent then you should learn to respect time.
For this reason, it is important that you are prepared at your best so that getting into business does not damage your life. If your life is damaged then your business will automatically never take off to its full potential. So first take charge of yourself and then you will find that half the work for becoming a CEO is over.