We’re just going to come out and say it: There’s no such thing as a bad idea. Sure, some of them probably won’t pan out, but that’s the nature of innovation. It’s not a race to see which business ideas can fail most quickly. It’s a race to see which business ideas can fail most safely. Despite the popularity of business blogging, many new entrepreneurs have difficulty with the initial steps. The business blog can be a great tool for new entrepreneurs to share their experiences and advice with others. However, it can be dangerous to think that you have a unique approach to business, especially when it’s your first time.
The following signs that your business idea might be awful.
• Having too much time required for an MVP in a tech start-up
A minimum viable product (MVP) is a product that is designed to be released to the market with just enough functionality to gain feedback from users without the need to have the entire product completed. MVPs are a cost-effective way to test a product before investing time and resources into developing the full product. However, the ability to release an MVP quickly is a double-edged sword. If the MVP isn’t quick enough, the product won’t get enough customer feedback and will have to be completely re-designed before going to market. However, if the MVP is too quick, the product may lack the correct features or functionality.
• Having Bandwagon ideas
Every so often, we get fooled into buying into a new idea. It’s very easy to get caught up in the idea of the latest trend, whether it be a new diet, new workout, or a new business idea. We all want to feel better, and we want to be more productive at work. We all want to make more money or at least have more time, and we all want to find the best ways to achieve these goals.
You’ve probably noticed that the number of start-ups that launched last year was higher than in the previous few years. You might even have noticed the term “bandwagoning” popping up a lot. That’s probably because people tend to think that if a lot of people are starting a company, that must be a sign that the idea must be good. But this is a fallacy. For one thing, start-ups usually don’t result from one idea; the pipeline tends to be a mix of many ideas, with a few co-founders each coming up with their own “eureka moment” about their quest to launch a new start-up.
• Having an unoriginal concept
Ideas are cheap (when they aren’t your own), but it is the execution of the said idea that makes or breaks an entrepreneur. In the world of today’s businesses, there is so much competition, and the demand for a product or service is so high that unless you have an original idea, it will be hard to distinguish yourself from the millions of other online entrepreneurs and small businesses. And then there are the niche markets known for their unique offerings, whether the products are from a pet, a hobby, or a business type.
There’s an old saying that “every idea is copied from someone else,” and it’s a maxim that has long applied to many aspects of life. But in business, ideas can be more than just copied—they can be copied and improved. If you’re about to launch a new business or are about to change your existing one, then you’ve probably already considered what your own business should be called, what it should sell, and what customers want from it. But there might be other aspects of your business that you haven’t actually thought about yet and that’s a mistake.
The worst part about starting a business has no idea what it is you’re going to do. Instead of having the opportunity to hire people, you’re stuck with no one to bounce ideas with and no one to help you make a go of it. Worse still is not knowing if your business idea is any good. If you are thinking about starting a business, you need to check a few things before you get started. If you don’t do them, you might end up with a business idea that no one wants to buy.