How do you know when a business idea will probably fail?
Have you ever had a business idea that you kept coming back to, but seemed like it was never going to eventuate? When and how did you know when it was time to let it go or did you persist and get there in the end?
That is a great question but an incredibly hard one to answer because it depends on so many different factors. However I do believe there is a time for ideas. Think about it like you’re a surfer catching a wave… You go out too early and it doesn’t matter how much you paddle, you have to wait for the wave to catch up. I’ve had a few of these... Get in just as the wave hits and it’s much easier to catch. First mover advantage in a market is awesome. You obviously still need to deliver a great product, make good decisions and have a little bit of luck along the way but there are far less obstacles. This was Vinomofo. Catch the wave late and it’s steep and harder to pull off. Think more competition, noise and expense. Miss the wave and no matter how hard you paddle, it’s gone. Think saturated market. A good time to start looking at how you can disrupt the space :) The above is easy to say in hindsight but if you keep an eye on markets and spaces around the world, you can start to spot trends and may just be able to pick the next wave. Hope that helps!
Hi Suzie, This happens not just with business ideas but lots of other things in life too. Are you talking about something you are deciding to 'let go of' because it is not working? Or an idea you just can't seem to shake?
If it is a business idea then I always say it needs to make money. You may have a great idea but if there is no market for your service or product then you could be wasting your time. You need to do market research. Will it sell? If there is a market the next thing you need to ask is if you are passionate enough about the product/ service to make it work.