- Assessing whether your business idea is disruptive or if it just won’t work
- Four signs of a bad business idea
- Minimum requirements for developing a feasible business idea
Summary by Dirk Langeveld
Throughout the history of business, entrepreneurs have developed disruptive ideas that identify market gaps, shake up individual sectors, and even create entire new industries. These ideas were often considered far-fetched at the time, only to prove revolutionary. A recent article in Entrepreneur by Shoaib Aslam, founder and CEO of Start My Business, says it’s important for entrepreneurs to distinguish whether they may have such a concept or whether their idea is doomed to failure.
Aslam identifies four signs commonly associated with bad business ideas:
- Your idea brings nothing new to a crowded field
- Your idea for a tech product or service can’t be innovated quickly enough to bring a minimum viable product to market and remain competitive against larger companies
- You’re not passionate about the idea
- Your idea piggybacks on current trends or fads
Aslam also offers recommendations on the minimum requirements for a feasible business idea.
