5 questions to know if your business idea is really worth pursuing
You have just come up with a great business idea while you’re working. But is the idea really great and deserves to be deployed? You do not worry, the 5 questions below will help you better understand your business idea as well as whether it is worth pursuing (You can also read more at: https://sites.duke.edu/perspective/2018/11/12/bringing-ideas-to-the-world-with-inventhelp/)
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Can you register for copyright or protect your business idea?
You should imagine that your business model is like a castle and you need to dig deep ditches around to protect it. The larger the water, it is the deeper and if there are more crocodiles under it as possible. Therefore that trench represents the obstacles that you create in order to fight against competitors who want to compete directly with your business model. One of the typical examples of deep water moats is a patent, proprietary certificate, or unique information that prevents opponents from copying your business model.
However, if your “castle” lack of a solid stick, it is also okay. Many companies that offer products have succeeded with little or no protection at all. However, if your company does not have protection trenches, and you do not have a positive answer to the questions below, then you should consider rebuilding your business idea.
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Which industry do you intend to implement the idea of owning more stringent regulations?
Strict rules will be more beneficial if you are a consumer, because then they will protect your interests. But when operating a business, regulations are now expensive and come with a lot of hindrance. It is no coincidence that industries such as health care or the government often lack innovation. In fact, the cumbersome regulations, policies, and management mechanisms are the cause of most business people. No one would want to enter a market where the rules would swallow their profits.
The simplest way to know if a business has more stringent regulations is to ask people who have been in that industry before. In addition, you can also find out about government regulations related to that industry. Therefore, if you find that there are few regulations that directly relate to your business, you can breathe a sigh of relief.
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Has this idea been implemented yet? How have other businesses implemented it?
In general, there are two types of markets where you can implement your business idea. One is the blue ocean where you never see any competitors. The second is the red ocean where there are countless opponents. Ideally, your company should work in brackish areas which are located in the middle of the blue and red oceans. Contrary to many people’s minds, creating a whole new market may be a bad idea. Because, then you will need to make the customer understand your product; this means spending a fortune on marketing budgets as well as owning some high viral tools to reach customers. Therefore, you should look for potential competitors or companies that have been active in your market before they move to another market or stop doing business. If you find one or two businesses thriving, and the market for your product or service, it is still huge, then that’s a good sign.
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The initial cost to deploy your idea is great?
Although it does not need to be said, it is better to avoid expensive business ideas. However, there are a few considerations. First, the initial cost of implementing an idea is just a relative measure. Most businesses will need a certain amount of money to start a business. Second, the initial cost of implementing the idea is not entirely a bad thing because big initial costs can help you gain market share faster, thanks to early investments. Third, the large initial cost will not matter to the business model that owns low risk of failure; or at least it will not be a big deal if you are the type who accepts the risk.
With all of the above, you need to estimate the cost needed to successfully implement your idea before actually doing so.
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Can you use your expertise to take advantage of your company?
If you have some rare professional skills, your business will be in a better position than when you need to learn certain skills that relate to success of your company. However, this does not mean that you do not need to learn new skills when starting a business. The key here is building a business based on your strengths will help increase the success of that business over time. If you think that you need to learn more about the skills which needed to succeed in your business, you should consider partnering with a founder or recruiting talented employees from the very beginning.
Successfully building and developing a business from the concept stage to the IPO, has never been easy. The vast majority of small companies will fail within 10 years of their establishment. But, if you know how to care for your ideas before actually implementing them, your chances of success will certainly be improved. If you need more help, you can visit the link https://www.davidicke.com/article/501936/choosing-inventhelp-help-invention
