How do I know if my idea is strong enough to start a business?
Monday, January 13, 2014/
I am keen to go it alone in business and have several well-formed ideas. How do I assess the strength of each idea to ensure I start up the right business? Or should I somehow try and start up one after the other?
If starting a new business was as simple as having a good idea, there would definitely be more successful business stories. A good idea (although extremely important) is only one ingredient to help create an empire.
The first rule of any business start-up is to have a single focus. All start-ups, without exception, need a driving force with a single focus. Every start-up business I have been involved in has had my absolute focus without any distractions.
The key to success – and my personal recommendation – is to focus on one idea at a time and do it well. It’s the way you implement your “good idea” that will make or break you. Build solid foundations to support future growth – in your people and your processes.
It’s important to be passionate. Be passionate about your idea and then make sure everyone working with you has a single vision and message about what you are all trying to achieve. If you’re passionate it will translate to your client’s wellbeing and you will be successful.
My experience has taught me that distractions with multiple business ideas can dilute this passion and purpose. Building one business requires 100% commitment. There is no ‘cookie cutter’ approach that can be applied to business opportunities. Stay focussed and keep your ego in check – never underestimate what’s required to build a business.
To assess the strength of an idea my experience has taught me to look at the industry. I opt to operate in industries with no or very little barriers to entry. Don’t be afraid to operate in industries with a lot of competition, I actually prefer it this way. When you have competition you can compare. If you focus on being the best in your industry you won’t have any competition.
From the frontlines
Startups, synagogues and soonicorns: Exploring the world’s most innovative ecosystem Charlotte Petris Timelio founder
Australia needs to follow the UK and introduce a flexible work bill Gemma Lloyd WORK180 founder
The ‘anti-startup’ story: How to turn $1,000 into $15 million with no investment Alex Georgiou ShineHub co-founder
New venture? How to decide who and what to bring along for the ride Colin Anson pixevety co-founder
Five critical questions: Are you listing your startup too soon? Lisa Schutz Verifier founder
Three massive influencer marketing fails businesses can learn from Anthony Richardson Q-83 founder