- Early Signs Your Business Idea is Worth Much More Than You Think
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Your business has a higher chance of success when you test the ideas before you execute. Not all business ideas are worth pursuing. And there are several cases where the big idea fails and a side project takes off like a jet. Your research and thoughts are not enough to make you know the winning business idea. If you want to grow rich, there are early signs that point in the direction of a successful business idea.
When you present your idea to people who might be willing to invest in it, what is the reaction? If they have no questions, that is not a good sign. It most likely signifies disinterest.
If the investors are asking confrontational questions, it means they don't believe the idea. Or they don't believe in your ability to succeed with that idea. The latter is more likely. And if you keep talking to them about your idea, they will keep resisting. Meanwhile, if someone else presents the same idea, they will be more receptive. So, the problem is not the idea.
However, if the investors start asking curiosity questions, that is some form of validation. It means they see some potential in it. If they ask curiosity questions in a confrontational way, they are really interested. The sense is that they wished they had latched on something like your idea earlier.
This analysis is subject to individual personalities though. Generally, this is the way most people behave but some people are exceptions. The exceptions are often straightforward and they will let you know where you stand instantly.
Most people don't have the heart to tell entrepreneurs that their idea is junk right off the bat. So, they will pretend interest just to encourage. But you can tell whether the interest is real or not with this first sign.
In today's business reality of industry disruption, the news that a bigger company with more resources is about to clone your business is good news, not bad news. It is bad news if you are not fully committed. But it is good news when you have made up your mind to succeed.
Teams that start with all the resources and don't have to rely on the success of the idea to be successful are often not successful. They try their very best. But they don't give it all it takes.
The person who wins is the person not ready to take no for an answer. So, a bigger competition cannot crush your business unless you crush yourself first.
A bigger company cloning your idea is a validation that it works. If they are investing to build something like that on their own, then you don't have to argue the value of the idea to anybody.
The question then becomes — who has the better execution?
The reason most business ideas are rejected is not the idea. Instead, it is the person behind the idea. The investors don't feel that the person pitching them the idea is capable of delivering the promised results.
This is why raising funds is easy for entrepreneurs who already have one successful venture. It is natural to expect that a successful entrepreneur will continue to be successful. This is even when the next idea is junk.
So when organizations are inviting you to speak about the industry your idea affects, it means they already see you as an authority of some sort. And this means that any idea you come up with will be more readily accepted.
When you are viewed as an authority on any subject, it makes it way easier for your ideas to fly. In fact, it is a sign of success. The tip here is:
Build a business in an industry where you are an expert
If you get this right, life becomes so easy.
A successful entrepreneur once said, if you want money, ask for advice. If the idea is good, you will get money. If the idea is not good, you will get advice.
Legendary copywriter Gary Halbert has a test practice after writing an ad. He would take his new piece of copy and show it to a random person who should be interested in the product or service.
If the random person says, “this is a good ad piece”, Gary would toss that ad into the bin and go start over. The reaction from the random person that would make Gary know that he’s got the right ad is:
Oh my God, where can I get that?
If your idea draws advice, it is not good enough. When people want to pay or invest, the idea is a good one. Imagine people trying to buy your subscription when you have not built the product. You are telling them that you don't have the product built yet. But they still want to pay and reserve their spot.
That is an amazing sign that the idea is going to take off beyond your wildest dreams.
This is a sign that people believe you can deliver them from underperforming alternatives. The best marketing is when other people do your marketing for you. The people that complain to you about the current options will most likely back your business when you launch.
They will not only be customers, they will be fans. You can have zero marketing budget and go viral. When people feel like they know the CEO (or leading figure of a business) personally, they are more loyal to the business.
So when a lot of people are complaining to you about the options they have on a certain product or service, that is a good sign that your idea has a ready market. The idea will very likely succeed much more than you think.
The success of your idea is not so much about the idea — rather it is about you as an entrepreneur.
In summary, these are the 5 signs your business idea is worth more than you think:
- Investors are asking a lot of curiosity questions
A bigger company is looking to build a clone
You are getting invitations to talk about the industry your business is changing
People want to pay or invest instead of giving advice and opinion
People complain to you about the current alternatives on the market
- Date of publication:
- Mon, 05/03/2021 - 13:32
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