Innovative business ideas excite us all. But are you truly prepared to be an entrepreneur? In the following questions, you will find your answers.
#1 Does my idea meet a need? Only a need gap can justify an idea. Try to understand what problem in the market you are trying to address or if there are gaps that are not being served by anyone else. Your idea should excite your TG, service their needs and only then can it be turned into a viable business worth starting up.
#2 Is this feasible? A real idea is what matters the most. This simply means that you must have the means, resources, drive and determination to handle it. A practical plan in place is what turns an idea into actuality and makes SME India grow.
#3 Does my product add value to a customer’s life? People have everything that they need. In such a scenario, what you must base your argument on is this one important question – are your offerings adding any value to the life of your TG? If yes, it’s a proposition worth investing your time in.
#4 Can I see myself doing this for years? Ideas can be exciting. But is it temporary? You may think that your product is solving a need gap today, but have you thought about what will happen if your business faces challenges tomorrow? If you are willing to commit, go ahead with your resolve.
#5 Does it work within the life I want to have? If you want your business to grow in the future, you must invest time and energy in it now. The question to ask here is, are you ready for such a huge commitment in your present scheme of things? Make sure you know what you are doing before taking the plunge.
#6 Can it be monetized? An idea can be good, bad or ugly. What is important is that will it make you some money? Is it scalable, buyable and reliable? If your idea cannot make you money, it is not going to be worth all the efforts in the long run.
#7 Can I sell my spouse on the idea? No one can play a better devil’s advocate than your own spouse. Sounding off your partner and listening to their unbiased opinions about the ideas that you have is a great way of separating good ideas from the not so good ones.
#8 Can I get a stranger to buy my product? Loved ones may not give you a clear picture out of the fear of hurting your emotions. Strangers, on that other hand, will only buy your service or product if they see merit in it. Take this test. It is a very important deciding factor in your journey as an entrepreneur.
#9 Am I motivated or just passionate? If you are willing to stay committed to your decision for a very, very long time to come, you are ready to take it on. Ask yourself the question.
#10 What is the legal landscape? Legalities can be a deciding factor in any business decision of SME India. Understanding what your new business requires you to do, getting a feel of the tax consequences and how much risk you are willing to take, are all factors that will help you decide.
#11 What am I giving up? Starting up requires lots of time, sacrifices and risks. If your job demanded 8 hours of your day, your own company might need twice that amount, plus working even on weekends. Ask yourself if you are willing to shift focus from what you are doing and are prepared to bear its consequences.
Your answers to these questions will help you decide whether going the entrepreneur way is the right way for you. All the best!