HOW DO YOU KNOW A STARTUP IDEA CAN BECOME SUCCESSFUL?

If everyone had the answer to the question “How do you know if an idea can become successful?”, we’d all be millionaires by now. However, many miss a few signs here and there of what IS and what ISN’T a solid business idea. 

While we may not be able to predict whether a vision or a shower thought may become successful or not, what we can observe are the factors that may help shape it into what it can become, strengthen and remodel its original form, and fine-tune it into a masterful force that can help drive a small, medium or large business to its success. 

Here are a few tell-tale signs of what a genuinely good concept looks like, alongside some no-nos that you may want to reconsider. 

1. Innovative: Ask yourself the question - “How innovative is my idea really?” And if your answer is “I’ve never heard anything like it before,” then go ahead and google to see if there truly is nobody who had the same thought process as you. Our best guess is - there most likely is someone, but chances are their idea is not quite the same as yours. They may be catering to another country, or not quite have the same product as you, or perhaps even a different audience. Take note of what is on the market, and try to shape up the rest of your idea appropriately. 
2. Applicability: How applicable is the idea? Does it cater to only a small group of people, or does it have the potential to reach millions? If it does well, what will the result and your target group of people look like? And if it doesn’t, who will you reach out to? Note down your thoughts and think about the scope of your offer. 
3. Seasonality: Is your startup idea seasonal, or can you service your clients all year round? Will your product be mostly usable within a narrow part of someone’s life, e.g., parenthood, teenagehood, or similar, or are there no lines between what you can offer and to whom? Can your product or service be used throughout all seasons? 
4. Relevancy: How relevant is your product to the needs of your target audience? Are you trying to solve a problem or are you just coming up with something just because you like the idea and feel like it’s your calling? If it’s the latter, maybe you can try to pursue a career under some more seasoned and experienced individuals first before you start your own company. 
5. Scalability: How well could you scale the product or service you have in mind? Is your startup idea applicable only to the current country you are residing in? Would you be able to compete globally if that came to happen? If yes, would you have to change or adjust your product for that market, or could you export it as-is? 

If you ticked out all these yes-yes startup idea pointers, take a look at the no-nos:

1. You’re in it for the cash: Don’t start a business with the idea of becoming rich. Going into business will make you sad, tired, and distraught first before you get to the point where you can reliably pay yourself. Money shouldn’t be your main worry or goal when starting out. 
2. You are a cogwheel CEO: You’re just doing what you are told. Many people can’t bring their startup ideas to fruition because they are someone else’s, and they can’t adopt them fully to develop them into businesses. If you got inspired by something, that’s okay. Just make sure you can own the idea before you act on it. 
3. It’s trendy: Many Instagram-inspired people want to start a business because most “successful” people are on Social Media and create such content. It’s great to be inspired, but limitation is the mother of all creation. You need to know where to stop and think before you act.

Any pointers you would like to mention? Comment below!