Enthusiastic entrepreneurs often jump straight into action in developing their new business ideas and forget that not all ideas lead to successful business opportunities. Skipping the research stage is one of the main reasons for business failure, according to Inventya.
Having an idea is just the starting point. Turning this idea into a profitable business requires thorough research to find the answers to crucial questions that cannot be left unexplored – the main one being ‘Is this a viable business idea?’ Research carried out by Inventya reveals that many start-ups are built on flawed ideas because they have not answered that fundamental question.
Reasons entrepreneurs and small businesses give for failing to investigate the feasibility of their concept are lack of time, insufficient funds and uncertainty of how to do it.
To assist entrepreneurs with the assessment of their business proposition, Startups has made available on their website the Rapid Idea Evaluation. By answering 16 multiple-choice questions, users can obtain a clear action plan for the successful exploitation of their idea, developed in just a matter of minutes.
The Rapid Idea Evaluation should be the starting point for all your ideas. It’s free, quick and packed with useful recommendations on further actions. It helps you assess the potential of an opportunity as well as sort multiple ideas.
A feasible business idea is one which will generate enough cash and profit, meet market demand and achieve the goals of the founders.
An incredible number of people start a business on the mistaken belief that if they think it is a brilliant idea, everybody else will. Trying to sell a solution to a problem that does not exist is extremely difficult and is unlikely to bring enough revenue to sustain a business.
A feasibility study will outline and analyse possible options so that an informed decision can be made on what the next step should be.
Using tools such as the Rapid Idea Evaluation help you reduce the risks while giving your idea the best chance of success.
J. S. Gulati
EntrepreneursofIndia.Com
Entrepreneurs can change the World!!😊👍
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