I Have A Dream......

 

I Have A Dream…..

No matter how big the idea or dream is, they should all share one single underlying goal: the desire to solve a problem. Whether you're inventing something new or simply developing a new approach, a great business starts with a great solution.

Here are 10 questions that can help you to effectively evaluate your ideas.

  1. What problems are you trying to solve, and how will you solve it?

Don’t think too hard here. Simply identify the problem, and briefly explain the solution that your business will offer.

2. Is someone else already solving this problem?

Most likely, there will be other people trying to solve the same problem that you are. That’s not necessarily a bad thing. Watch closely, and study each part of their business. You might discover that by making only a small tweak, you can capture a large piece of the market.

3. How is your solution better than or different from your competitors?

Assuming you will have some competition, you must next identify how you’ll differentiate your product or service from others. What are you bringing to the table that’s different and /or better than what’s already out there?

4. Is there a want or need for your product or service?

For example, you’ve come up with a brilliant idea to teach people how to run digital marketing with zero marketing cost, but do enough people want or need that? Before you go through the trouble of starting a company, you must first uncover whether there’s a genuine desire for it in the marketplace. There are really only two questions to ask when evaluating your business idea: Is there a real need for the product, and are there enough people willing to pay for it? And if it’s been done a million times before, you also have to ask whether you really have a point of difference that makes it so much better. You should never be afraid to fully examine your idea — even if it means you might have to give it up.

5. How big is the potential market?

Although there has to be a market for your business, it doesn’t have to be huge to achieve results. Plenty of companies do well by targeting very small niche consumer segments. To discover the size of your market, first, gather data on how many people are already using your product or service — you can easily find this type of information online. Try to estimate how much of the market you can capture based on your size and marketing abilities. This last step is the toughest because it’s the most subjective. You may find it helpful to look at the annual sales of your competitors, how much of the market share do they already own?

6. How much will it cost to start the business?

This may be a tough question to answer at this point, but it’s still good to consider. if you’re planning to open a retail store, for example, you’ll need significantly more capital than you would to start a consulting business. Think hard about the cost associated with launching your business, and start tallying up the numbers.

7. How soon can you start the business?

Does your business require permits and licenses that take months to secure? Do you need to raise substantial capital before you even begin? Developing a solid timeframe will provide the perspective you need to make bigger decisions later.

8. What personal and professional adjustments must you make to start this business?

Most likely, you’ll start building your business on nights and weekends initially. Even that requires certain personal and professional adjustments. Think about any changes you may need to make to be more successful.

9. What is (are) your ultimate goal (s) in starting this business?

Do you want to make millions of dollars or build a small modest family business? Are you looking to sell your company quickly, or do you want to create a business that can last a lifetime? The best way to fast-track success is to declare it from the start.

10. What will happen if you don’t start his business?

What if you walk away right now and don’t pursue this idea? What will happen, or not happen in your life and the lives of others if you decide to give up the idea of walking into an entrepreneur’s shoes and go back to what you were doing before? This powerful question can sometimes be the defining factor for an entrepreneur.

But is starting a business really all about solving a problem? What about passion? Shouldn’t it play a role in what kind of company you choose to start? That’s a complicated question. Being passionate about your work is important, and you certainly must love your product or service. That said, there’s a major difference between being passionate about your business and starting a business based on a passion.

When it comes t following a passion, the key is to follow your effort, not your passion. Time is the most valuable asset you don’t own, and how you use — or don’t use your time is going to be the best indication of where your future is going to take you.

That’s all for now, my friends. See you all in my next article.

Get in here for a system that is designed to boost and explode your business.

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