Some people are born with leadership qualities while others work their socks off, day and night, to stand neck to neck with the gifted ones. Everyone, once in their life thought they had a million dollar idea, but there are some things to put under consideration and some questions to ask yourself before making that idea a reality.
- Is it a good idea? The Concept Phase: Not every idea is great and just because your dad or your mom thinks it is a good idea, does not mean it really is. Following are some additional questions to have a better idea of the future business:
- How large is the potential customer base?
- Are you passionate about this idea?
- Is the idea attractive enough to gain people’s attention?
- How much competition exists in the space?
- How well can the idea be executed? The Execution Phase: Having an idea is one thing and executing that idea is another big task to accomplish. Undoubtedly, execution is the most crucial phase of any starting business. Again, there are some more questions that lie under the same category:
- How will you manufacture the product?
- How well can you give the customer services?
- What is the quality level of your service/product?
- How easy or difficult is it to market the service/product?
- Is the business model profitable? The Profitability Phase: Unless it is a nonprofit endeavor, every business organization expects good profit. It all depends on the business model you have come up with, and most likely these few questions will suffice your need to rethink about the model:
- What is the cost structure?
- How much marketing cost?
- Through which medium will you sell the service/product?
- Are you focusing on B2B or B2C selling?