I had coffee with a couple friends this morning on the beach in Barcelona. I live only 2 minutes walk from the beach and these guys are my neighbors. They have an idea for an online business and wanted to get my opinion regarding how to pursue the idea and if the idea was a good business idea. This is the summary of my response to this question.
I don’t really believe in the concept of a good business idea or a bad business idea. Every entrepreneur has his own vision of their idea and why the idea would be successful. I have see what I thought was a good business idea surrounded with great technology fail miserably. And equally I have seen far fetched ideas become a success. The main factor in either case has been the founders of the business themselves.
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When I think of business ideas, what is really important is how committed and available the founders are to making the idea a success. In many cases Plan A will fail, simply because it’s often hard to tell how cold the water is until you jump into the lake … so to speak. At that point it’s really how well can you swim. Can you come up with a Plan B or even a Plan C if needed?
Entrepreneurs ability to be creative in making their business a success in a difficult time was tested severely in the last 3 years. Many businesses that seem to be stable fell apart and other businesses flourished. Last year during the middle of the crisis our business more than doubled revenue and profitability. I think we were able to do this because we were able to implement Plan B and even Plan C when the getting got rough, and we created opportunity out of chaos. We’re doing the same again this year.
So is this business idea a good idea or a bad idea? In the end, it really has to do with you the entrepreneur. Do you have what it takes to make your vision a success?
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