Latest posts by TheStartupMojo (see all)
- Why Major Financial Companies Avoid the Crypto Market - November 12, 2018
- Kaspersky Lab Reveals Scary Truths About Cybercrime and Cryptocurrency - September 21, 2018
- Startup Founders topped in Linkedin Power Profiles List. - August 24, 2018
Congratulations on the onset of being bitten by an Entrepreneurial bug! But the bug, if not controlled can bring more misery than you could have ever imagined. This is not to threaten but to help the budding Entrepreneurs to understand the Power of planning and execution.
You might be under an influence of a strong urge to get launched as an Entrepreneur and that feeling is so powerful that you are ready to sacrifice whatever that it may take! You are experiencing the truest vibe which could just be experienced and not measured. But your conviction of becoming an Entrepreneur should not start by your urge but by a potential gap that can be ascertained as a Business Idea. Every idea emanates from a problem, so lets understand whats a problem first.
What is a problem, How do you see it and how to draw a Business Sense out of it?
A problem is never from Mars, it could be as usual as unable to collect groceries or as complicated and new like colonizing Mars to be the next planet to live. What is important is not the problem but the Solution to the problem! Every household, Offices, Public Spaces are full of problems but if you develop an eye for detail to recognize it you can build businesses out of it.
Ideas emanate out of your real life scenarios and are never imported out of someone else’s beliefs. They are either the market opportunity which you have envisioned out of your professional wisdom or you are hit by a problem which, if solved could be a Potential Business Opportunity! Let’s understand how can we seek Business Viability to the solution of the problem
Base your Idea on sheer Utility, Technical & Financial Viability
Very few problems that you see have the Commercial and Business Viability. Let’s understand this bit with an example.
You visit two schools and found that:
- One of the schools has limited space in the classroom and the children struggle to sit comfortably but the school administration is somehow managing because they don’t have bigger space in place. The School operates from 7am till 12pm.
- The other school has spacious, airy and big rooms and the children are lesser in comparison to the size of the classrooms. The school operates from 7am till 12pm and the premises are empty after the working hours.
What could be the solution to this problem?
1 Solution: The bigger school can accommodate the children and they can work together.
Utility : Yes | Technical and Financial Viability: No
Reason: Two competing school would never want to share their brands nor would like to associate their Businesses until it’s a planned merger or an acquisition. Also the school should have had restricted admissions beyond their capacity. They could try to get more space or operate the school in two shifts to manage headcount.
2 Solution: You see that there is a major potential opportunity to utilize spaces during the off peak hours. Schools which have spaces are free to be utilized in the late afternoon or evening time for coaching centres.
Utility: Full | Technical and Financial Viability: Yes
Reason: The schools would never say no if they are able to get money out of their immovable asset and that too at a time which is not operational for them. It could result as an added revenue opportunity for schools as well as to struggling coaching centres which pay a hefty amount for few hours of teaching. This is a win-win opportunity for both the business and can easily be implemented as a Tech Startup.
The second solution is an apt idea and the same can be taken up as a potential idea that has Business viability too!
How to judge and score Technical & Business Viability
Answer the following questions honestly to judge the Technical and Business Viability of your Idea.
- Why would both the ends of your supply and demand meet? Is your idea a compelling solution to a potential problem of a user/business?
- Who are you solving this problem for? Is the Market Size big enough to scale?
- How are you going to solve the problem? Is anyone else doing it? How are customers currently solving for their problems? If Yes, can you do it differently from them?
- Would your customers pay for your solution to the particular problem? b. How big is the market? How many customers would potentially pay for your solution?
These question can help you see through your idea and shall bring in more clarity. Do not be disheartened if you don’t find your idea to be relevant according to the questions here, you can always tweak changes to make it work. Its always better to fail early than late. Remember Entrepreneurship is all about failing fast to learn early!
So a significant problem should have a viable solution and if the equation is not bestowed to the best of the wisdom chances are the resultant processes that you may draw as Business Plan out of your idea will be the outcome of the idea itself! Hence be extremely cautious while contemplating the viability of the Idea as the viability will go till the time your Startup will be existent!
“Startups fail because they can’t find product/market fit and they give up before finding it. More than 90% of the Tech Startups fail before they start. The Startup Mojo helps Entrepreneur to avoid this downfall.” We help the budding entrepreneurs understand that entrepreneurship is all about perseverance, learning and execution. It’s imperative for a budding entrepreneurs to have a guide who could help them, to do not get trapped in error blindness and continue to strive for product market fit in the early on days rather than continuing to misspend their efforts, time and money in other activities. We want to be a support system and a community helpline for Entrepreneurs.
Please share this article by clicking below if you like it. There are others who need this piece of advise. Remember knowledge & experiences are meant to be shared!