How To Make Sure Your Business Idea Will Fail
We’ve all heard the saying that ideas are a dime a dozen. Guess what? Cliches are often true. The hard part about an idea is the execution, the implementation, the acting upon that idea and bringing it to reality. There are many reasons why business ideas never see the light of day. Some are obvious and some are not so obvious. You launched too late in an already over-saturated market. Or, you launched too early and the market wasn’t ready for your offering. Here is one that makes me cringe. Your idea doesn’t pencil out — as in, it’s a hobby. Here are my top 5 reasons why your idea for a product or business will not take flight.
1. No clear vision.
If you are not clear about your idea or vision, how will you be able to articulate it to your customers? Think of your idea in terms of how it solves your customers’ problems. A foggy idea makes for a confused customer. Confused customers don’t buy. Do this. Explain your business idea or product to three close friends. Then ask them to explain to you what they just heard. If their understanding is different from what you told them, then you have a problem. Being able to articulate your idea in a clear and concise manner starts with having a clear vision.
2. No plan.
You have this great idea for a new product or business and you are so excited about it because you believe in it. Your passion and drive is evident. Great! Don’t do any market research. Don’t survey your current customers, and don’t try it out first on a small sampling of users. Just skip the whole idea of putting a plan together and immediately go from idea to taking action! This will ensure that you waste a lot of your valuable time, money, and resources. Besides, plans are yawn, BORING! So not FUN! Much better to just start DOING and taking action. You can always make changes as you go because it’s more exciting that way! Besides, what you lack in planning, you will make up in determination, ambition and your intelligence. You have always figured things out yourself. You don’t need a plan. Plans are for big companies with big staffs. You are a startup or entrepreneur. You do things on the fly!
3. Not taking action.
Your customers have been asking for it. You know it is a great idea. You see that your competitors are offering it, but you are too busy, too tired, too overwhelmed, too disorganized, too low on capital to finance it, or just too plain burnt out to do anything about it. In addition, you run your business as if you are putting out fires all the time. Oh, right. That’s because you have no systems and automation tools in place. So the idea gets put on the back burner and you lose market share while your competition seizes the opportunity to increase market share. Or, you are in a state of FEAR. Don’t take that risk. You might lose all the money you have made thus far. Better to stay where you are and play it SAFE.
4. Not measuring results.
The idea has been launched, but it is not gaining any sales traction and you don’t understand why. Could it be that you don’t know what or how to measure the results? An idea or vision needs to be tied to a goal. For example, you want 10,000 hits coming to your website once a week and you want to convert 20% to buyers. The problem is that only 100 are coming to your website once a week and only .01% are buying. Is it because your call-to-action is vague? Or is it because your price is too high? Don’t bother investigating. Don’t put any metrics or analytics in place. Just wing it and take a guess at why you are not getting the results you are looking for. This will ensure that you remain ignorant of all your missed opportunities.
5. Not being flexible.
You launched your idea, but things aren’t going as planned. You even analyzed your results and understand why things aren’t working. But, you don’t care because you are certain that your idea is the perfect solution to your customers’ problem. They just don’t know it yet. Don’t make any changes to your idea because it is set in stone. Your idea is the answer they have been looking for and you are sticking to it regardless of what your results are showing. Denial is a beautiful thing. Who cares that the market has suddenly changed. Everyone is wrong, you are right and they just need to wake up and realize how great your idea is. The market is here to serve you because your smarter than everyone else and you know what is best. Is that what happened to the music industry? Is that why Blockbuster has filed for bankruptcy?
Do you have any other reasons why an idea won’t take flight? Share your comments below!
About the Author: Brenda Horton is the president of Hware, LLC. an online business training and software company. She blogs approximately once a week about action planning tips and strategies for small businesses.