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Posts for August 2009

Your business idea is fundamentally flawed (you'll be pleased to know)

August 24, 2009 by Mark Sinclair

You're probably reading this blog because you are in the process of starting up a new business or you've got a great business idea that you want to develop and launch.

First of all, congratulations! It's a great feeling when you make that decision to start a new business. And if you’ve never done this before, you're at the beginning of a very exciting journey.

Now for the bad news. If you've just come up with a great idea and are now rushing to get it to market, you've probably got a really serious problem. And that problem is that your idea is quite likely to be fundamentally flawed. Or to put it another way, it's likely to go really badly wrong and it's probably not going to work.

I know that doesn't sound very encouraging, but before you rush off into the distance and start investing a lot of time and money into implementing your idea, you need to do something very important indeed...

You need to challenge it.

You need to look at your idea from different perspectives. You need to put yourself in the shoes of potential customers. You need to put on Edward DeBono’s black hat and challenge your idea seriously. While all of this may sound terribly negative and destructive, it's really important that you take this advice on board. So many businesses are launched with insufficient planning, insufficient testing, not enough feedback from people and poor advice.

If you actively approach your idea from a balanced and objective point of view, where you've considered the huge upsides as well as any potential downside which exists, then you'll be in a much better position to get it right.

Like with anything, starting up a business takes patience and a whole lot of learning. Market conditions change so quickly that you need to always approach you business holistically, and be willing to take advice on board. With those things in mind, it seems like you’re half way there having found this Donut!

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