How to decide on your business idea?

Posted on: 3 February 2021 in Enterprise

So many students either have no idea where to begin or have too many ideas! When thinking about your business/enterprise idea, you need to decide which idea will be the best for you.

Some questions to ask yourself about the idea.

  1. Does the idea have a purpose?

Having a purpose can mean many different things, but let’s look at a few. The idea could be fulfilling a need or an improvement on something that already exists. Your idea needs to be something that people want in order for it to be viable. The idea doesn’t always need to be a product, it could be a service or new initiative that will help others in some way.

  1. Are you passionate about your idea?

Make sure the idea is based around something you are either especially skilled in, or passionate about. When you trying bring your idea to life, if you are not passionate about it, then you can’t expect others to be. Remember, you only get out what you put in. You could ask yourself, is this idea something I would like to work on in my free time? Would you like to work on it full time after graduation? If the answer is no, then it is most likely not your passion.

  1. Will your idea make a difference or money?

Not all enterprising ideas need to make a profit, however, you will need to determine whether there is a market or audience for it. Will your audience want your idea, be it a product or service? If you are looking to make a profit, can your audience/customer afford it?

  1. Do you have competition?

Do some market research on others who are offering the same idea as you. Does your idea have something unique that differs from the competition? If not, then think of ways in which your idea could slightly differ. This could be done in many ways such as branding, the way in which you market your idea or adding one unique feature.

  1. Test your idea

Ask your friends and family to try the idea, ask for feedback. If you are able to try your idea on strangers who would be in the same target audience, this would help give you some unbiased feedback on your idea and comments on areas of improvement.

  1. Don’t be afraid

When you have an idea, it may change and evolve over time. We only learn from doing, over 60% of new businesses fail within the first three years. This is not a negative but an opportunity to learn, fail early and then focus on any improvements or changes that could be made. The key at this very moment is to choose your idea and get started. You have to start somewhere!

Keywords: Enterprise .