Entrepreneurs are generally passionate people.
Once they get hooked onto something they believe in, they will go somewhat blindly and fervently towards that dream regardless of whether it sounds plausible or not.
This is especially when they start falling in love with an idea.
However, I often tell my students to NEVER fall in love with their idea but rather with the intended customers.
People might think your idea is silly, and you must have gone nuts to think that would work but even some of the so-called silly ideas become great products.
Federal Express, iPhone and Yellow pads are some of the so-called ‘silly’ ideas that managed to make it big. Bigger than the scepticism they received.
So, how would you draw a line between a simply crazy idea and the one which become Facebook, Apple and Federal Express of tomorrow?
At best I would ask a series of questions to help validate that idea including the following:
What problems are you or your product or service solving and for who?
What exactly is the value you provide with your product or service?
Why would someone want to pay for your product or services?
Who exactly would you be marketing your product or service to?
Is someone else doing this? And if not, why do you think no one is?
What makes you different from someone else out there providing something similar?
What kind of resources do you need to get this off the ground and do you have any ideas where to get them?
What makes you the right person to do this?
What has changed out there that make this idea work now and not before?
For the person with a BUSINESS IDEA: Here are some of my suggestions, if you want to know if the idea you have is worth putting all your money in it and quit your job for:
Find 5 person who are not related to you in anyways to be willing to pay you money for your product or services
Find at least one person who will be willing to put money into your venture and would be ready to sign a cheque for you to buy a piece of intended business
Try convincing at least two persons who would be willing to quit their job to join you in your business.
If you can’t get any of the things above done, it still does not mean that your idea is not doable. But if you do get one of that done, it sure adds fuel to the fire within you.
To fall in love with a business idea is not that simple. You need to be brave to allow yourself to be fond with it while others call it ‘silly idea’
So, you’re already make one big step. You just need to know how to use your bravery against scepticisms and doubts from your surroundings.
Also, don’t forget to always validate your ‘silly idea’ because better safe than sorry.
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