We are fascinated by the ingenious ideas that some start-up leaders have found to develop their businesses when the market was far from mature and traditional habits prevailed. Whether it’s carpooling, online courses in a time when all training was face-to-face, the French knickers dusting men’s underwear… Eureka! I liked the idea of the century! The next day you find that the genius idea has already been adopted and you are dejected! So how do you find your business idea if you have a passion for entrepreneurship? It is certainly not a guarantee that you will find the revolutionary concept you expect, but it can help you avoid entering the market with a product that is going to be a fiasco.
When you finally choose your idea, your concept, you ask yourself a lot of questions. Is this idea worth my time, my resources? Won’t she just make a huge flop? Wouldn’t I immediately throw my team into the wall with such an idea?
These are all questions that come to the mind of entrepreneurs when they start. Of course, it’s not possible to be 100% sure that everything will go well with your idea, but there are at least a few ways to minimize the risk of failure.
Your idea is great, but it doesn’t fit the market
Many companies these days are entering the market with goods that people just don’t want to buy. This is the first trap many entrepreneurs fall into. The important thing is not to find your cool and feasible idea, but that there is a real market, that there is a real demand.
Your product should address a problem or at least a concern. Even if it’s on a very small scale, it should make life easier for your potential customers in some way.
To make sure you don’t make mistakes, don’t think about the product first, think about the problem and how you are going to find the solution. A problem inevitably hides an opportunity. Don’t say to yourself “I could release this product” but rather “I could provide a solution to this problem”.
At the moment everything is moving very fast, with the internet, smartphones in particular. New needs are constantly being created. The world is now teeming with innovative startups that are changing things and technology. Of course you need to know the current market you want to enter, but also its possible evolutions.
It is essential to analyze everything that could have an impact on the market in the coming years: social and political aspects, technology, economic growth… It is not easy, but nevertheless it is necessary to have a clear vision of what this market will be like in the more or less near future. For all the information you can find about the Trends of this market, look on blogs, websites, newspapers, magazines, magazines… You have no excuse for not being perfectly informed. This way you avoid ending up in a market where your offer no longer fits in the very near future.
If you have not yet identified a target market, you can of course also use social trends to find out which market you are in. Anticipating a need that is likely to arise soon is a risky gamble, but one that can quickly pay off in today’s world characterized by the constant evolution of lifestyles, technology, needs…
Choose an industry you are passionate about
By wanting to become an entrepreneur, you simultaneously choose to fully commit yourself to your project. You will spend all your time there, so it is essential to choose an area that is really close to your heart. Your passion will be your best guide. There will inevitably be many obstacles that you will have to overcome later on, so make it a little easier by choosing an area that really interests you. Don’t necessarily try to start a business, but rather start a business that resembles you.
Share your ideas
It is quite difficult to design, but sharing your idea with other people is essential. Sure, you may be tempted to keep everything to yourself at first, but in reality, it’s not necessarily a good calculation. Of course, it’s not about sharing your idea with the first to come, but rather with your family, with friends you can trust. You need different opinions to get the full potential of your idea.
You will be able to identify the shortcomings of your project and what you can improve. Working alone it is difficult to distance yourself from your idea. In your head the idea may seem brilliant, but it seems much less promising when you present it concretely in front of an “audience”. Don’t hesitate to involve them as much as possible, ask if they would buy your product, what they would change. It is this feedback that allows you to refine your idea.
Holding on to an uncertain idea is not heroic. We can’t advise too much to follow these few rules before embarking on the adventure. Don’t let your enthusiasm cloud your vision and lead you to failure with a flawed idea.