It is common to see entrepreneurs get carried away with cool and interesting ideas. The new business will have plenty of zeal but not enough strength to stand on its own. Reason? The business is not solid enough to stand on its own legs.
There’s a massive difference between an interesting idea and a solid one. The interesting one is like infatuation, the interest stays as long as it is satiated but there is no further bond to keep it going. Solid business idea is like the nuptial knot. It has a stronger grounding, and lets you build a castle atop.
Does it mean that the cool ideas not see the light of day? Absolutely not. You should try out your ideas, not wholly, not emptying your entire savings, but as a side business. Build a solid one first, and when the money starts to flow in, pool in some more to test the waters of your fascinating idea.
How can you differentiate a solid business from something that isn’t? Evaluate the market, see if the business makes sense financially and viable on a longer run. It is OK to spend the extra months evaluating rather than finding out that a particular business idea was farce after all!
Tags: Business, Market
Abhinav Kaiser is the author of Workshop in a Box : Communication for IT Professionals. He works as a consulting manager for a top consulting firm in Sydney, Australia. He advises businesses, organizations and enterprises on how to build service management framework and deliver value. He holds PMP, ITIL© V3 Expert and Cobit 5.0 certifications and is an accredited ITIL© trainer.
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Publisher webpage : Workshop in a Box : Communication Skills for IT Professionals
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