You have a great idea, but the idea is just the beginning. There are some telltale signs that will indicate almost immediately if you'll become a successful entrepreneur.
Think through your plan and put it into the context of the marketplace and your personal life as well. You'll have to figure out who are your target customers, solidify your plan (that you'll be prepared to alter at a moment’s notice) andmake the business the #1 priority in your life. If not, your chances at success will be limited.
Ask yourself the following questions and your answers will reveal your chances at success:
1. Are you fully engaged with the business?
Or is this undertaking a side project? You have to be all in to launch a business or your chances of driving a profit become slimmer. You can’t hedge your bets and maintain your current job while waiting to see if the new business will work. You really need to be all in.
2. Is there a need for the product or service?
Does the focus of your new business have a real niche? Is there a true need among consumers for what you're developing? Even if what you’re selling or offering isn’t completely new, be certain you have something that makes yours a little different so it will stand out from the competition.
3. Are you ready for the twists and turns?
There will be detours that you'll face, regardless of how fine-tuned the plan. It’s one thing to have a detailed business plan. It’s another matter to deal with the day-to-day realties. You must be prepared for the unexpected and be sure you can improvise on the fly.
4. Have you defined a way to drive revenue?
You need a business model. You have to define your target customers and how you're going to make money after reaching them. Just having a great idea won’t make your enterprise a success. You have to know who's going to want your product or service and make sure that you’ve assessed how this will translate into dollars and cents.
5. Is the enterprise a top priority in your life?
Family concerns may always trump business, but what about everything else? Are you ready to give up weekends to be in the office?
There’s no way to build a business without making some sacrifices in other areas of your life. If you’re not ready to do that, navigating the road ahead will be much more difficult and the long-term success of your business may be in jeopardy.