You need a business idea if you want to start a business. However, just by having a good business idea won’t necessarily guarantee instant business success. Here’re some misconceptions that people have about business ideas:
The myth of business ideas
Excitement is usually the order of the day when you’ve conceived a business idea. You’ve got stars in your eyes and your dreams about a rich and comfortable life may become a reality. And you ponder: “Where on earth will I get the time to spend all my money?”
Yea, yea – not so fast, many business ideas are discarded because they’re not what you think they are…
So here are four misconceptions about business ideas:
All you need is an idea
One of the characteristics of an entrepreneur is willingness to act on his or her brilliant business idea 1. But acting on a business idea implies a lot of hard work and planning.
“People want the grand end results, but they don’t think about all the gruelling steps involved or take into consideration all the unpredictable roadblocks along the way”, concurs Gabriel Shaoolian recently in Forbes.
Ideas are hard to find
Don’t come up with an excuse to not start your business because “all the best business ideas have already been taken”. Bullshit!
There is no shortage of ideas. Indeed, Harald Merckle proposes three ways to find ideas for a new business (The Entrepreneur):
- Ask people what they need
- Find something that bothers you
- Make a cheaper product
The best technological idea is the only driver of success
Another misconception is the belief that having the best technology will lead to success 1. We’re now living in the 4th industrial revolution, which is characterised by mindboggling technological inventions.
Do you have a technological idea that may thrust us in the 5th industrial revolution? Maybe?
Then you should hurry to act on your idea, because by the time you’ve decided to introduce the new technology, your competitors probably have done so already. Perhaps with a better solution?
To be the first with the best idea guarantees long-term success
Don’t just accept that being first with a business idea will automatically translate into monetary success. On the contrary, being first can open the door for the competition to enter the market. They can improve on your business idea, also finding new applications in new markets.
To counter the entry of competitors, you should patent your idea (if applicable); and get as much the market share you can in the shortest time possible. Then you need to learn how to compete…
We are confronted with hordes of new technological inventions every day. Sadly, although the new inventions revolutionise the effectiveness and efficiency of business, it is at the cost of society.
People are losing their jobs (mostly because of technological inventions). I think if an entrepreneur can come up with a business idea that give these people an income (and hope), he or she would be remembered more than the instigators to the 4th industrial revolution.
A well researched and written Business Plan helps to get your business started the right way.
1 Cronje, G.J. de J., Breebaart, H., De Klerk, A., Old, S., Swanepoel, E. and Van der Merwe, M.A. 2001. Introduction to Entrepreneurship and Small Business Management, Only study guide for MNE202-V, Department of Business Management, University of South Africa.