What Makes A Business Idea Good Enough To Pursue?
Well, the complicated answer is, it all depends.
Realistically, there are too many variables which need to be considered like demographics, margins, starting capital, level of experience and frankly, the list can go on.
Truth be told, all businesses are good enough to pursue. I say this because everyone has a different outlook on what success looks like for them and their business. While one person may consider a small business making $250K just a hobby, another person may consider it a great success. It really all comes down to your own personal definition of what “good enough” is.
Just incase you need a little motivation, here are two main things to look for:
Do you have a vision so grand for that business idea, that you’ve become extremely passionate about it? Too often many people confuse passion to be a basic emotion. Passion is an extreme or intense emotion surrounded by enthusiasm and desire. This intense emotion will keep you going even when everything may look like failure.
The best part about passion is, it’s contagious. When people around you experience the passion you have for what you’re attempting to pursue, they are more inclined to be interested. Have a passion for what you are going to do. If you don’t have it, move on to the next idea.
Simply put, will the business idea work? The only true way to know if your business will be a viable one is by getting people to purchase your product(s) or service. There are no shortcuts to this. In fact, the faster you get to the point of validation, the sooner you’ll know if you are just wasting time or if you are on the right path.
The best part about validation is validation learning. Validation learning is a great way to get your product or service quickly into the hands of your customers so that they can inform you if your product/service requires some tweaking. The feedback you receive from customers is what you need in order to make adjustments to the product/service. It’s a great way to get your audience to tell you what they need, want, and how to fix their problems.
Wrapping it all up, should you find yourself on the side of great passion with customer validation, go all in with that business idea.
Additionally, don’t forget the cardinal rule of business: keep costs down and revenues up. There is nothing worse than having passion and validation for a business that cannot even afford to pay for itself. So, make sure your margins are good.
What else do you believe makes a business idea good enough to pursue?