Business Owners & Entrepreneurs Podcast with Peter Boolkah | Business Coach | The Transition Guy®
Is Your Business Idea Likely To Succeed?
Manage episode 348991679 series 2286714
Many people have business ideas that seem like they might work. But how can you really tell if you have a good business idea or business concept that’s likely to succeed in a crowded marketplace? In today’s episode, I share how to know whether what you have is a viable business idea or not.
So, you have a business idea that you’re excited about that you want to test on the market. Perhaps you’ve told a few friends about it, and they’ve encouraged you to go ahead with it. But there are other things to consider before you invest your life savings into making it work.
For example, does your business idea or business concept address a want, need, or desire in the marketplace? To know if you have a good business idea or a viable business idea, you have to know which category yours lies in today’s crowded marketplace.
If people WANT a product, they’ll be prepared to spend money on it. When people NEED a product, they can’t go without it, so this automatically compels them to purchase it. DESIRE, on the other hand, is a different level of want.
Second, you’ve got to ask yourself – can you make money from it? How much potential money can you make out of your business concept? If you’re entering a crowded marketplace, what’s your point of difference going to be? These are very important things to answer to know if you’ve got a good business idea.
I talk more about these two factors, PLUS a third one you should consider to help tell if what you have is a viable business idea. Watch until the end of this video to learn all about potential success in your desired business.
CONNECT WITH PETER BOOLKAH:
CONNECT WITH PETER BOOLKAH:
ABOUT PETER BOOLKAH
Peter Boolkah (AKA The Transition Guy) is the World’s #1 Business Transition Coach whose main passion in life is to work with talented and high performing business owners who are in the process of creating exciting, high growth businesses.
Peter helps you to navigate and transition through the crucial growth pains that all growing businesses experience making it as painless and exciting as possible.
It is important to remember that businesses do not just grow and develop on their own, it is up to us and our teams to make this happen by making every day purposeful.
As businesses grow some parts of the journey will be easier than others and most owners do not have all the answers. Starting a business is one of the most exciting things we get to do and we all have aspirations of achieving great things. In fact Peter is yet to meet someone who started a business with the intention of failing.
Peter’s ultimate life goal is to inspire and empower over 100,000 Entrepreneurs to create long term thriving businesses resulting in the creation of 1,000,000 jobs.
So if you are scaling up your business, you’re in a bu...