3 Crucial Steps to Fail Proof Your New Business Idea

StartupNationStartupNation Posts: 416administrator Site Admin

image3 Crucial Steps to Fail Proof Your New Business Idea

You want to be as certain as possible that your business will succeed before you launch. In other words, you need to fail proof it.

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Comments

  • Zoey NguyenZoey Nguyen Posts: 6subscriber Member
    edited April 2017
    thank you so much for your sharing. I'm learning to grown up my business
  • sinGNsinGN Posts: 116subscriber Silver Level Member
    Starting new business is difficult. it needs more knowledge and smart work.great post,thanks for the  information.
  • Levi Leyba, MBALevi Leyba, MBA Posts: 26subscriber Bronze Level Member
    In order to answer question 2, you need to answer yes to question 1. If you answer no to question 1, then there's really only two questions that you must ask yourself if you follow this pattern. Personally, I think this is great advice for those who want to minimize risk and get their feet wet with being an entrepreneur. But we all know the higher the risk, the potential for a greater reward. Often, answering no to question 1 only means that you may have an advantage or the ability to take an idea or service and reconfigure it to another market, making it question number 3.

    Perhaps a 4th question must then be added, "If you answer no to any of the three questions, do you have enough passion and willing to give it enough time to see it through?" A lot of folks see someone who is successful at starting a business and say that they would give anything to be in their shoes. But the reality is they will not because they do not want to give their time. The time to put into starting a business is definitely going to be key whether or not it is successful.
  • Ryan O'BlenessRyan O'Bleness Birmingham, Mich. Posts: 1,021administrator Site Admin
    That is an interesting perspective, @Levi Leyba, MBA. Owning your own business is a lot less glitz and glam than some people realize. It is something you have to dedicate almost all of your time to, especially when launching. 
    Ryan O'Bleness
    Community Manager
    StartupNation, LLC
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