Top Seven Deadly Reasons of Business Failures and How to Avoid?

A survey by CB Insights has compiled ranges of study on businesses that failed. The report found 20 top reasons, naming absence of market, lack of capital and a startup team which did not fit for the job in the top three.

Whilst the report listed 20 reasons, I decided to only focus on 7 most deadly reasons you need to pay more attention to and how to overcome it:

Continue reading “Top Seven Deadly Reasons of Business Failures and How to Avoid?”

Your Business Is A Terrible Idea: How to Know If You Have A Great Business Idea?

People are becoming smarter these days, finding new solutions to our problems almost daily, but, how certain are you it could be the ‘Next Big’ Thing?

Here are five steps to take before taking the plunge into the entrepreneurial world:

Give Your Idea A Step Back

Take a step back from your idea to allow yourself getting more perspective on it.

You may have found a great idea that solves people’s problems and excited to start working on it. Before you do, I’d suggest you to stop. Give it a few days. Spend the time on what you enjoy doing (e.g. hobby etc) or more research on the industry. Reason for this is it will allow your excitement to calm down letting in your rational thinking into process. By the time you come back to work the idea, you will see in a broader aspect and even spot issues which you did not realize before.

If you are still excited after taking the break, then, you may have found a great business idea. However, if you feel the idea only excites you for some time only and starts getting doubts about it, there’s a chance it might only be a mediocre idea. This does happen to most of the Eureka moments you had (or at least I had) and it is completely normal. But don’t give up on it yet. Despite of what you think about the idea, it is still worth the time and effort to do more research on it before giving up. Continue reading “Your Business Is A Terrible Idea: How to Know If You Have A Great Business Idea?”