Business ideas

Why Your Business Ideas Often Fail

I had great ideas but not all of them came to fruition. I’m sure you do too. Having a good idea is the easy part. Translating this idea into a valid offer for a market is the most difficult part.

I’ve been the source of brilliant ideas that never saw the light of day. No matter how good your business plan is, not all of your business ideas will succeed because you have the financial resources.

Every day I meet people who share their big ideas with me with great enthusiasm. By listening, I can predict with great accuracy that most of these business ideas will fail. My background as a business consultant has helped me understand why most business ideas often fail.

1. Ideas fail when they don’t meet market needs

An idea by itself does not create a successful business. Stop fantasizing about your business ideas. Sometimes what you call or think is a business idea may just be a feeling. Most I have an idea are often not real needs. An idea is a phase that remains in the brain. It is always beautiful but rarely solves a need. Innovation

You should be guided by market needs and not necessarily by your own opinion or taste. Your business is either problem centric, not idea centric. Don’t build first and seek the market later. It’s the surest way to fail.

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Every business idea must be validated by a market need. Every successful idea is an innovative solution that responds to market demand. It is not enough to develop an idea, research the potential market and competitors and evaluate your results. If your results say NO, kill him. If he says YES, continue.

If your market is too large, your idea will fail. In the beginning, you need to target a niche and grow over time. It is not enough to have a market need, there must be a significant number of potential customers for your business ideas, otherwise there is always a chance that your idea will fail.

2. Ideas fail when you complicate them

It turns out that every industry has the same basic rule of not getting married or falling in love with your favorite ideas. In Hollywood, when writing a screenplay, it’s called “killing your sweethearts.”

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If you have a character in the script or a plot that you fall in love with and the whole movie seems to revolve around them, you’re going to destroy your movie.

In engineering, it’s “keep it simple”. Don’t complicate what you’re building. Don’t stubbornly cling to something just because you’re in love with your creativity.

Building many features and differentiators at once won’t necessarily make your idea stand out from your competitors. Also, it takes money and more time to build a feature-rich product. keep it simple and basic at first and add more features over time.

Be married to the problem, not the technology. If you’re married to technology, you could easily give up due to stress induced setbacks or boredom. Being married to the problem will motivate you to have the perseverance to keep going through tough times or tedious work. Falling in love with your startup idea is both important and dangerous.

3. Ideas fail when not marketed well

Every idea sounds good, but even the best one often fails if not marketed well. Every business idea must offer value to be accepted in the market. Whenever you present your idea, talk about your ideas as if money weren’t an issue.

For some ideas, you must first show enough conviction. The greatest innovations in the world are the result of people who had a strong belief in their ideas.

To market your idea, you must write it clearly. Call it a business plan. A good business idea must be supported by a business plan.

You may have a business idea that no one has ever thought of, but only a well-detailed business plan helps you communicate that idea effectively. It doesn’t have to be a 60-page document.

4. Ideas fail when you only have “yes members” on your team

An idea itself is worthless; it’s the team behind that counts. You need the right partners. Growth never happens in your business if you only have “yes members” who never contradict your ideas.

They just accept anything you bring to the table hook, line and sinker. When people criticize your idea, don’t take it too personally. A review can help you change direction and see your idea from a different perspective.

5. Ideas fail when you do them all around you

You may have the business idea, but you may not have the business knowledge and management skills to lead a team. That you own the idea doesn’t mean you have to be the CEO or the leader of the team.

Having an idea does not qualify you to lead the team. Know your strengths and weaknesses. Some people are good at strategy while others are better at execution.

6. Ideas fail when you delay execution

Ideas are deceptive. Too many ideas flying around in your head can mess you up. When an idea pops into your head, write it down or you might forget it. If you think you have to execute every idea that pops into your head at once, you might end up not executing anything.

Take a simple idea and make it happen. If you don’t run with your idea, others will run with it. There is no monopoly of an idea. Na who first market had the idea.

7. Ideas Fail When You Wrongly Copy and Paste

There’s nothing wrong with copying an idea that worked somewhere and implementing it somewhere else. But you must understand that all oyinbo ideas will work in Africa.

That it worked successfully in America does not guarantee that it will work in Africa. Africans think differently. Africans do business differently. Before you copy an idea you’ve worked on elsewhere, evaluate it against the market you want to sell to.

Check their culture. Check their state of mind. Do not ignore the reality of the community. A good idea executed at the right time can fail when the market is not right.

For example, creating a freelance platform or app that helps people find different types of qualified people may not be successful in Nigeria. Indeed, many Nigerians do not hire human skills online, we hire by referrals.

Most Nigerians do not go to a website, click and order a cleaner, electrician or lawyer. The Know, Like and Trust (KLT) element is absolutely necessary when a Nigerian wants to hire a people skill as a service.

8. Ideas fail when the timing is wrong.

The current market reality is important. If your idea has value only for the future, it will fail today. Sometimes you may have a good idea, but it may not be the right time for that idea.

9. Ideas fail when they run out of funding

Ideas die when not nurtured and supported. It is difficult to make meaningful beginnings or progress without funds. Lack of funds can kill even the best idea. Where are these great inventions made yesterday by many young Africans?

I’ve lost count of the times I’ve seen innovations pioneered by some high school students and college undergraduates. I saw a solar-powered car invented by an African.

A few years ago, a 26-year-old invented a smokeless stove that could cook as well as charge phones. He might as well end up like many innovators whose ideas never made it beyond media attention.

10. Ideas fail when you give up too soon.

Every great idea is met with persecution. Robert Fulton who invented the steamboat exhibited his new invention on the banks of the Hudson River. Among the crowd that had gathered to watch the steamer were skeptics.

They commented that “He would never start.” Amazingly, he did. As he descended the river, they shouted again: “It would never end.” Incredibly, it stopped. Never choose to quit because someone disagrees with you.

One day you will feel like you are making great progress. On other days, you’ll feel like you haven’t accomplished anything. These are days when you can easily get discouraged.

One of the things you will notice on your way to your goal is a roadblock. This obstacle may seem to come out of nowhere in an attempt to stop your progress.

Kingsley Ndimele, Business Consultant

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