13/01/2024
Since last week, I have had a few calls with some of my friends, and we have shared some exciting new business ideas for 2024, but still not sure of its possibilities.
Just like you also, excited about the potential of your new business idea, you have been buzzing with ambitions for this year. But amidst this excitement, you have not realized the importance to pause, test, and evaluate your ideas critically.
So, let's play the d€vil's advocate, just a bit, to ensure your brilliant, innovative ideas are truly ready to serve the world. We will put these ideas through a litmus test to gauge their viability.
1. The first test hurdle is to assess customer interest.
Do people actually need or want what you are proposing? An idea might seem beautiful, but without genuine customer interest in the market, it's like a beautiful car in our garage without an engine.
2. Test your team's capacity and capabilities.
Do you have the right team to turn these ideas into tangible products or services? The greatest ideas need experienced, skilled hands to craft them into reality. Not generalist on specialist positions. Can your team deliver on the promises of the business idea?
3. Test pricing for profitability.
Can you price your product or service in a way that attracts customers and still turns a profit? It's a delicate balance, one that demands careful thought and strategy. If your pricing power doesn't stand strong against costs, you might need to rethink your strategy.
You see, these early three test steps can be revealing. Sometimes, they might even point out that we are heading in the wrong direction with our excitement. And that's okay so that we can adjust.
