Did you know that over 65% of business fail within the first 5 years?
Why you think that happens?
Many might argue that the problem might have been a poor management of finances, or a bad executions of their plans, and that might be true, however here’s another possible cause…
What is the the main reason why most business fail is because they started with in idea that wasn’t so good in the first place?
I don’t know about you, I’ve seen it many times. New entrepreneurs spend huge amounts of cash on a new project and don’t even get close to succeeding.
That’s why I decided to share with you here a simple exercise I learned from the renowned business consultant Mitch Miller on Follow the White Rabbit book. Here’s how it works:
1. Make a list of 10 people who might benefit from your idea.
2. Tell your idea to those 10 people.
3. Pay close attention to their reaction. If reaction of most of them is something like “Ohh, I don’t know how that I didn’t didn’t occur to me before!” or “Wow, what a great idea!”, the it’s very likely that your idea it’s not as good as you think. This is especially true if your idea is trying to be innovative and outside of the box (since it hasn’t be proven to work in the past).
Important: When choosing those 10 people, it is important to make sure that you don’t include any friend or close family in that list, since those individuals might not be 100% honest to you in order to not make you feel so bad.
This might save you from a lot of problems in the future. After all, if something is not going to work, it is better to hear it early from others (even though it might make you feel temporary bad), than finding out about it for yourself later after you’ve spent a lot of resources, time and money on an idea that wasn’t good enough to work in the first place.