10 Signs Your Business Idea Needs a Serious Rethink
18 Jul 2024
10 Signs Your Business Idea Needs a Serious Rethink
One way to know your business idea stinks is if an expert tells you it isn’t workable. Find an expert or business consultant in your desired field and ask them what they think of your idea. That’s the approach taken by Dan Fendel, a serial entrepreneur, who offers to pay for their lunch meeting to get candid feedback. If no one’s buying what you’re selling, that’s another red flag. Friends, family, and even strangers can provide valuable feedback.
Success is measured in dollars, investors, and customers. If you’re not excited by your business idea, others won’t be either. Passion is crucial for success. If no one is willing to help you, it might be a sign your idea isn’t good. Few entrepreneurs launch businesses without help from investors, industry experts, or friends and family.
Your business idea must be scalable. Launch small and ensure there’s a large number of target clients. Your business idea must fill a market need, offering something people actually need. If your business idea’s niche is too small, it might not be sustainable. Generating buzz is crucial; test your ideas with a large audience. If your business idea is confusing, it’s probably not worth pursuing. Finally, ensure you have the finances to back your business idea.