If you think you have found the one business idea destined to bring you fortune and glory, be sure to apply these 8 rules to the concept before making a definitive decision and investing your life savings.
- First, you must beta test the idea. That means getting the product into the hands of consumers for real-world feedback.
- You can’t be all things to all people, so be sure your business idea has a strong target market
- You will need protection. That could mean an exclusive contract, license, or patent on your product.
- Remember that your responsibility is to serve consumer needs, not to expect consumers to support you out of goodwill, so be sure your product meets an existing need.
- Remember that your start-up loan should be reasonable. Take into account a reasonable assessment of how much you are likely to make upon opening before taking out a loan.
- Be sure your business idea pertains to your unique skill set. A great idea is only great if you have the wherewithal to execute it.
- Look down the road. Will your business soon be replaced by technology or outsourced? Be realistic about the long haul.
- Know how to find good employees and managers. Your business depends on having great staff, so don’t take their presence for granted.
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