Everyone can come up with an idea, and probably earn some money from it – that’s the glory of being a startup. But can it be sustaining?
Here’s a quick guide to see if it’ll work for you.
#1: Are You Able to Earn Enough to Keep the Business Going?
Fundamentals of business is to make sure that you have enough profit. Regardless of which idea you have, is it something that you can buy your meals with? Do some groundwork – check on the financial demands and what are you able to give.
#2: Are You Able to Oversee Everything On Your Own?
Given that you are able to earn enough from it, are you able to see through everything to ensure that everything goes smooth? This is critical as on the initial stages, it is no different like a baby – you’d probably be worrying day and night over it.
#3: Are You Able to Get the Right People to Support You?
There will probably be something that you’re not really good at in a certain level – regardless if it’s selling the idea, or making the idea happen. The next question will then be – Are you able to get the right people for the job, and pay them well enough to work for you? This actually contributed to the success to Apple – Steve Jobs hired all of the best people in his team, and let them do what they are best at.
#4: Are you able to accept any challenges which may result in complete failure?
Fact: Nothing in this world is constant – this means that someone may attempt to steal your idea, or even imitate your idea. These are challenges that you will need to overcome, including probable arson, lawsuits and even shootouts (ok, just kidding, but you catch my drift). You will also need to ensure that money goes to you or your company, not someone else – so be careful.
So, with all these and if all are a yes to you, congratulations. Go ahead and make it happen, entrepreneur.