Page 3 - INSIDE ACCESS JULY 21 4TH EDITION

FOOD FOR THOUGHT
I have a business idea; how do I know if it’s great?
So you have an idea for a business already worked out, but is it a good, viable one? The answer might seem complicated, but there are a few markers that will help you decide.
It solves a problem
Solving a problem means delivering a solution that improves a sizable number of people’s lives. The problem doesn’t have to be one that nobody else is tackling; it can just as easily be a problem no one has dealt with effectively.
It’s scalable
Scalability is the potential of your business opportunity to grow and be applied to an ever-increasing market. Think about whether you can expand on your idea, make it flexible and resilient, monetize it throughout and remodel it if necessary.
Your doubts are few and quickly disappear
If you have a flash of inspiration followed by a handful of nagging doubts, it’s easy to set them aside because they don’t fit with your preferred narrative. You need to be honest though. Conviction is important, but blind conviction is dangerous.
People want your product and service
Other people need to be as excited about your idea as you are. Start testing the idea and talking about it with friends, family members, and (as soon as possible) potential customers. Are they enthusiastic? Do they love it? Validating your idea outside your own headspace is key.
Together, these markers of success can help point you in the right
direction. If
you can
answer all
of them,
great! If not,
take heart and
take some time
to rework your concept.
Not being able to say “yes” to all four doesn’t mean you should scrap the idea — it just means you have an opportunity to reframe how you approach it and present it to the world.
Contributed by
Oye Jolaoso
If interested, send your name to lotachukwu.anadu@accessbankplc.com