Is Your Billion Dollars Business Idea Feasible and Wanted in the Market
Your business is for the market, the market isn’t for your business. Don’t push your idea to customers rather make what your customers need and want.
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Starting a business is one thing that gets entrepreneurs very anxious. If you are thinking of starting a business and you are so anxious that you cannot wait to start, I will advise you to take a break and read this post before you continue on your pursuit as this post will be very useful for your company and your business activity generally.
You might have an amazing business Idea and you feel it is a billion dollars idea; yes, everyone has a billion dollar business idea and you know why? Because it is still an idea. An idea can be worth anything you call it until you start it in reality. So many billion dollars business idea ended up not making any profit when they started operation. So your idea might be a very good one but you have to check your data and understand your market before you start operation so as to prevent creating a business or services that will not be needed in the market.
Before you put your hard earned money and your precious time into a business you are about to start, it is necessary that you make sure your idea is feasible if not, you need to start making changes where needed. It is advisable that you make sure your ideas are changeable, never be too engrossed with your idea that you cannot change a few things about it.
How do you know your idea is feasible?
In other to know that your idea is feasible, you need to check out what product or service your company will be delivering, who your customers will be, and who will be your competitors. Even an innovating company tends to have competitions within a short period of time.
To be sure your idea will meet the market demands and needs, you have to consider the benefits of your business idea to your customers first, is the problem you are trying to solve pressing, is it a real need. Is your idea an original new concept or something that is already existing and will be accepted by the populace, is your idea going to create any further problem, does your idea have any fault or limitations, if you are about to start an already existing concept of business, what, if anything, is your competition doing in the area of your business and how can you get ahead? You need to find answers to these questions.
Don’t be a rush to drop your idea
If you have done a proper feasibility study on your business idea, never be in a rush to abandon your idea, see if you can make your idea work. Insights are valuable, after you have made the right research to figure out a way around the puzzle in your idea.
Hi @futurekr
How well I congratulate you excellent subjects.
But I have a question this branch is from your professional area.? or what profession do you have:?
I forgot to comment on the publication in Spanish that I made with your authorization.
Cómo convertirse en un empresario sin financiamiento.
I am deep into business. I am a startup entrepreneur and i have a few startup entrepreneurs i mentor.
I am glad you liked my post. Thanks for reading my post.
Resteemed already. Upvote on the way
Thanks a lot @project.hope for supporting the community always.
The market is a very funny place where businesses that are just starting and large businesses need to always remain present as demands changes and people change choice based on preferences and new offers. Starting a business without going to the market to see if the idea is needed by the market will be a travesty.
Well said @ajewa, that is more like rushing into something we have no idea about and it will eventually result in regret.
hi @futurekr
Thanks for sharing - a good read. I think market research is so important as we easily convince ourselves based on our own narrow perspective. We need to review different broader perspectives to really understand how our product may be received in the market.
Upvoted :) Thanks.
The market research that a lot of people ignore, is worth more than a million dollar idea, thanks for your contribution @awah.
The beginning of a business failure is not having the right market knowledge before taking products or services to the market. You might just be creating an unwanted goods and services for people
That is one major reason why businesses fail, they create what they think is acceptable instead of what the populace will embrace.
@tipu curate
Upvoted 👌 (Mana: 15/20 - need recharge?)
That is absolutely correct, everyone seem to have a multi million idea before they get into the field and they realize that this is not was what expected.
Testing the idea through market survey will help prevent issues like this.
Yes that is the essence of test marketing in the first place.
Marketing is vital in a business, but I give more weight to the planning and focus of customer needs. I must also mention that it is necessary to create a brand associated with an image that is pleasant and easy to remember, this is vital to be a success.
Thank you for your recommendations, they are excellent.
Building a brand that is trust worthy is essential for a business.
Thank you
Just right market research will aid you assess if your corporation idea may also be moneymaking.
And other times, adequate test is necessary.
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