5 Questions To Shelve The Idea

I have been known to be the Business Coach that tend to rip apart many ideas from business owners. It pains me to do so, but I believe that many of the business owners that I have met are really deluded about things. They always talk about chasing their dreams, but in due course, many of their ideas have turned into a nightmare.

Many will say," What right have you to rip apart their ideas?" Well, I do not rip them apart, I ensure that they themselves do the ripping. What I do is to ensure they think through their business ideas and do not fall in love with it too easily. You see, good ideas rarely make good businesses. Each of the 90% of the start-ups that fail within the first few years would have brag about their great business idea. Look at the patent office. There are plenty of ideas there and I can be very sure that many of them have not brought in the moolah for their registered owners.

So, here are a few tips:

1. Why others are not doing it?

Just because others are not doing it, that does not mean that your idea is unique. Quite a number of whom I have coached and trained tend to offer products or services that is not offered by others. They say that they are unique and they know it is their Unique Selling Proposition. However, more often that not, many of their competitors have already looked at the product or service offering and realised that it is not commercially feasible at that present moment. Not many know this, but timing is one of the key factors when you want to launch a particular product.

2. Who is my product or service is for?