Here are the two factors that you can use to test that your idea is good. For a good start these questions should be part of your market research. If you answers are” yes” to both, good luck , you are on the right road to success. if your answers are “no” Start searching for another business idea do not proceed . It will be very difficult to achieve profitably .
Does your idea addresses a gap in the market?
There has to be a need in the market and your business idea has to solve this problem. If more people are in need of your product to solve their problems, it means you have customers, having customers means profitability. Profitability means you are making money, making money means your idea is good.
Do you have critical success factors?
Critical success factors are the special things that you possess that cannot be copied by competitors.
Reality is you will never be the only person in the market who is having that idea, even if you are the first one to start, when you start making money people will copy your idea because they want to make money too. This means now you will have competition, for you to overcome this challenge you need to have strategies that set you apart from the competitors, it is called competitive advantage.
Please note that not every good idea is successful, and not every successful idea is good. There’s no other way to find out whether or not you will be successful other than just doing it. It just helps to test the water before you do. Find a gap in the market, and work to fill it.
Lets meet again next week to discover how to recognize opportunities.