There’s a famous quote by the founder of Disneyland, Walter Disney:
“If you can dream it, you can do it.”
Although, my question is:
Is having a dream enough?
What if the goal you’ve chosen is inconceivable and executing your business idea is not practically possible?
You can’t take a risk by investing your time and efforts on something that’s not going to work.
Hence, it’s important to check the feasibility of your business idea before pursuing it.
Yet the challenge is:
Thankfully, there are a couple of ways for doing so. One such method is to ask yourself a couple of questions and answer them honestly.
So, what are these questions?
Well, I have mentioned them all in this blog post. Go ahead and check them out:
1. How your business idea stands out?
Let us assume a situation:
You go to a store for purchasing a pair of jeans. The shopkeeper shows you three samples.
First two are identical in terms of design, material, and colour – while third one has a different color and a better design material.
Now, which one would you purchase?
If I were at your place, I would have purchased the third one.
Most of you might’ve done the same because it’s a human psychology that we get attracted towards things that are different and better.
So, ask yourself:
How my idea is different from others?
Because if it is unique, people will definitely take interest in it.
2. What are the unique selling points of your product?
Every brand has some attributes that make it valuable and establish its unique reputation in the market.
Some offer excellent services. Some have products that transform lives. While some have promoted themselves in such a brilliant way that people consider them as a part of their daily life.
Now, you need to know what makes your brand outshine others and focus on those qualities.
3. Do you have a business plan?
Yesterday, I was listening to a speech by Denzel Washington in which he said the following quote:
“An idea without a plan is just a dream.”
It’s just like you wish to explore the Jungles of Amazon but don’t have a map. The possibility is that you will never reach there or you’ll reach too late.
Given this, you really need to ask yourself if you have a business plan so that your ideas are organised, your doubts are clear, and you always stick to your goal.
4. Do you have enough budget?
Just having a plan for your idea isn’t enough. You also need a strong budget and resources.
Having said that, make sure you have a positive answer to this question before pursuing your entrepreneurship idea.
5. Do you have people with the desired skill-set?
Apart from budget, you’ll also need people who specialise in pursuing your startup plan.
If you’ve started an app development company, you’ll need a team of designers, developers, testers, and marketing experts. Without them, creating apps will be pretty difficult.
So, you really need to ask yourself that if you have people with necessary skill-sets?
If the answer is “NO”, start recruiting.
6. Is your product or service in demand?
There is absolutely no use for launching a product or service whose market demand is low – because no one will purchase it.
Doing so will only result in wastage of time and resources which you could invest somewhere else.
Hence, conduct market research, see what’s in demand or if your product is fulfilling the demands of users. Only then, launch your product or service in the market.
This will prevent you from committing one of the biggest business mistakes.
7. Are you able to convince anyone around you about your idea?
Have you ever tried pitching your idea to your friends? What was their reaction?
Because once a wise man told me in childhood:
If even one person is convinced of your idea, know that it will work.
That’s why I would suggest you share your idea with your close ones. Well, if you’re able to convince any of them, you’re good to go with your idea.
Otherwise, you’ll need to improvise and make it better. Perhaps, your close friends will also help you with that.
So, try this.
This is something I am telling from my experience and the knowledge of our App development experts in Singapore:
There is absolutely no use for indulging in a business in which there is no profit. Both time and money are precious. You would certainly not want to waste them in an idea that guarantees no success.
Hence, it’s important to do a careful analysis first and see whether your app idea is going to succeed so that you don’t make unnecessary blunders.