Business success demands business knowledge. Six years and $60,000 worth of business education is not required but it is wise to have such a trained expert on your speed dial. MBA ASAP is a series of blog posts by such an expert to share the fundamentals of building your own brand of success. This post offers quick answers to startup idea feasibility.
Everyone has ideas. Some are excellent and some are not so great. How do we know the difference? The science of small business success offers us many effective tools to look before we leap. Startup idea feasibility should be done early in the planning process. Enlist the help of a qualified business strategist to help you in this process. A different set of eyes will often give you a valuable and different view. The second opinion may be the difference between success and failure of your dream. Consider these reasons to conduct a startup idea feasibility study:
Many small business owners say that their business failed because they lost their passion. Passion is lost when the business grows in a different direction and contrary to the original mission and vision. The proper startup feasibility study helps the entrepreneur set the direction of his dream early and often.
Professional athletes spend massive amounts of time studying the competition. Winners of say that the game is won before it is ever played. They refer to the commitment and study made to understand the game of the opponent and to anticipate every move. Few things are left to chance or randomness. Your business should be the same.
Small business owners often underestimate the potential of their small business idea. It is fair to say that many small business owners also grossly overestimate their potential too. Understanding your potential and your limits must be done before you can develop your mission and vision for success. How successful the business becomes is often a factor of the business owner and not the business itself. How the entrepreneur defines success is also important. Know thyself.
A startup feasibility study should be completed to discover dangerous fatal flaws in any plan. Do this before you start down the road of risk and reward. You conduct small-scale feasibility studies every day. Every road trip you take starts with consideration of whether you have the fuel and the time to get where you want to go. Every meal you eat requires consideration on whether it will be affordable, tasty, and filling. Looking before we leap is simply a habit of the successful.
How will you determine the feasibility of your startup?
- Ensure that the mission and vision are aligned with the idea.
- Know your competition before you compete.
- Understand the success potential of your new venture.