Sustainability of an idea: will your product succeed?
The major reason why many entrepreneurs’ ideas fail
Right. You now get a wonderful idea. You’ve done your observation and have seen an opportunity disguised in the form of your problems, disappointments and dissatisfaction. You’ve muster enough confidence to make you act on it. But the starting point is, you ask, will my idea succeed?
The reason why many entrepreneurs fail is that they back their ideas with a definite product or service in mind at the conception of the problem. This could be a result of cultivating their creativity, that somehow out of the blue, they have found a solution to a problem. But when entrepreneurs start to focus on the product and make it so specific without consulting the market; they start to lose focus of the other factors—the customers.
Remember Trap-Ease America, the mouse trap? It was a very good idea, but why has it failed? Surely, there is a need—a need to trap mice? There are a lot of incredible products in the market and at first they start as a good idea to solve a problem. However, as entrepreneur develops the product, it usually becomes different from the one which is intended to solve a problem.
When products become so great that they become so specific, sometimes they solve problems so specific that they only cater to a smaller set of people. Or, as the product develops, the entrepreneur adds unnecessary features about the products, but fails to put in mind one thing: BENEFITS to consumers. This is one of the major reasons why most of entrepreneurs fail.
Sustainability of an idea: measure of potential success?
The success of an idea lies in the fact that it supports a need: it is a solution to a problem; it offers some benefit. As long as an idea supports a need, we can safely say, as an opportunity it is sustainable.
An idea can be a perceived opportunity because it is timely: this happens to fads. But as time passes by, and tastes and trends change, making the fad obsolete—what happens? The idea vanishes, and is replaced by another fad. As long as the entrepreneur can find a need that is associated with his idea, he or she will have less trouble in selling products out of that idea.
Wrapping up
An idea is sustainable if it supports a need. Before an entrepreneur creates a product to back up his or her idea, he or she needs to first know the benefits the customers want. Chances are greater that the idea will be sustainable over a longer period of time, thus becomes a successful one if the entrepreneur offers the exact benefits the customers require to meet their needs.
One major mistake many entrepreneurs make when starting up, is they begin by focusing on the product that they offer. They usually increase the feature, not knowing if these features are desired or needed by the target consumers. Only by listening to consumers first in order to properly tailor the entrepreneur’s idea to their needs, will offer the chance for success.
Don’t be like the other amazing products in the market which no one wants to buy. When you’ve got an idea, ask first what your customers’ needs are, then create a product. You see, the global giants would not stand a period of 20, 30, and 50 or more than a hundred years, if they have not listened to their customers first, then back their ideas with the benefits these customers want.
Right. You now get a wonderful idea. You’ve done your observation and have seen an opportunity disguised in the form of your problems, disappointments and dissatisfaction. You’ve muster enough confidence to make you act on it. But the starting point is, you ask, will my idea succeed?
The reason why many entrepreneurs fail is that they back their ideas with a definite product or service in mind at the conception of the problem. This could be a result of cultivating their creativity, that somehow out of the blue, they have found a solution to a problem. But when entrepreneurs start to focus on the product and make it so specific without consulting the market; they start to lose focus of the other factors—the customers.
Remember Trap-Ease America, the mouse trap? It was a very good idea, but why has it failed? Surely, there is a need—a need to trap mice? There are a lot of incredible products in the market and at first they start as a good idea to solve a problem. However, as entrepreneur develops the product, it usually becomes different from the one which is intended to solve a problem.
When products become so great that they become so specific, sometimes they solve problems so specific that they only cater to a smaller set of people. Or, as the product develops, the entrepreneur adds unnecessary features about the products, but fails to put in mind one thing: BENEFITS to consumers. This is one of the major reasons why most of entrepreneurs fail.
Sustainability of an idea: measure of potential success?
The success of an idea lies in the fact that it supports a need: it is a solution to a problem; it offers some benefit. As long as an idea supports a need, we can safely say, as an opportunity it is sustainable.
An idea can be a perceived opportunity because it is timely: this happens to fads. But as time passes by, and tastes and trends change, making the fad obsolete—what happens? The idea vanishes, and is replaced by another fad. As long as the entrepreneur can find a need that is associated with his idea, he or she will have less trouble in selling products out of that idea.
Wrapping up
An idea is sustainable if it supports a need. Before an entrepreneur creates a product to back up his or her idea, he or she needs to first know the benefits the customers want. Chances are greater that the idea will be sustainable over a longer period of time, thus becomes a successful one if the entrepreneur offers the exact benefits the customers require to meet their needs.
One major mistake many entrepreneurs make when starting up, is they begin by focusing on the product that they offer. They usually increase the feature, not knowing if these features are desired or needed by the target consumers. Only by listening to consumers first in order to properly tailor the entrepreneur’s idea to their needs, will offer the chance for success.
Don’t be like the other amazing products in the market which no one wants to buy. When you’ve got an idea, ask first what your customers’ needs are, then create a product. You see, the global giants would not stand a period of 20, 30, and 50 or more than a hundred years, if they have not listened to their customers first, then back their ideas with the benefits these customers want.
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