Will that new business idea of yours succeed?
Yesterday alone, 3 people asked me that question. They wanted me to tell them “YES, go for it!” or “NO, it’s a bad business idea!” The challenge here, is that the question itself is deeply flawed.
Will your next business idea succeed or not?
There are many components behind whether a business idea will fly or flop. The mental resilience of the person behind the business is a key factor. Their work ethic is another. Their resources need to be taken into consideration too. The list goes on and on.
In most cases, the advice I give to people who email me with that question is the same. I suggest that if they have done the research, checked the numbers and THEY believe it will work, then they should give their idea a chance to fly. Yes, it is good to get feedback from people, whose opinions you trust and respect. For example, speak with an accountant about the numbers. But don’t ask her if you should start that business or launch that new idea.
Some people waste years waiting for an idea, which everyone they speak to says is a definite winner. No one can possibly know that, because of all the factors involved. As a result, they do nothing, miss the opportunities and get nowhere. Their need for guarantees, safety nets and green lights, stops them from getting started. It’s also the total opposite of the way an entrepreneur works.
Entrepreneurs don’t seek permission
Entrepreneurs don’t try and put the pressure on other people, by making it someone else’s decision, whether the entrepreneur should start his or her business. They accept responsibility. They get the information they need and then get to work.
Here’s the one fact we know for certain, regardless of who you are or what your business idea is: 100% of the ideas you never work on, will never succeed.
- Do the research.
- Make sure the numbers add up.
- Make the plans.
- Get to work.
- If the idea flops, learn from it and do better next time.
But don’t wait for anyone to give you permission to start.