10 blunders that could spell the kiss of death to your new business idea
A husband and wife both enjoyed the same hobbies and started a small business based on what they loved doing. They were experts at what they did, knew how to market their products and enjoyed excellent customer relationships. But they failed at business planning, not calculating the amount of tax that was due and so had to close the business within a year.
A grim reminder of small business obituaries. Stories about start-up and small business failures abound. Over the past three years we’ve all seen many businesses go to the wall. Some surveys estimate that more than 50% of small businesses fail in the first year and 95% fail within the first five years.
Before you commercialise your brilliant idea check out some of the biggest mistakes below that businesses typically make. The mistakes are based on research by credit organisations as well as small business surveys that look into the main reasons why businesses go belly up.
The majority of businesses cite economic reasons for their failure. But at the same time up to 90% of all business failures can be traced to management mistakes.
Here is a list of 10 of the biggest mistakes that businesses make that often lead to their demise unless pre-emptive action is taken. Continue reading
What you need to know about age and innovation
A reader asked me this great question a week or so ago:
QUESTION: I’ve read about all these innovators below the age of 30 forming new businesses, mobile apps and Internet businesses. What chance has someone got if they are older? Is it too late after a certain age to innovate?
CHESNEY: Right off I’d say that age doesn’t matter at all. But at the same time who’s going to argue that youth doesn’t have a strong head start? Especially when it comes to energy and drive. And the reason why so many young people are making it especially in the online world is because they have grown up with the technology.
Business owners – how to quickly tell if your brilliant idea has legs
Innovation roadmaps are dime a dozen. They range from 12-step roadmaps to even more complex systems from mega expensive idea-generation consultants that will cost you a large fortune.
Here’s a simple process that you can apply to any idea that you think may have commercial value: Continue reading
Business owners with new ideas – better check this out
“Ideas you have in the shower are rarely what the market wants.” – Quote from a discussion on entrepreneurs
Should those ideas that pop into your head while in the shower, driving to work in the morning or listening to your favourite music on your iPod be so easily dismissed as the quote implies?
The answer is probably yes if you decide to take your white-hot idea from the shower straight to a cut-throat market even if it’s some unlikely tucked away niche. Continue reading
From idea to product – make it easy on yourself
In 1996 McDonald’s introduced its more sophisticated Arch Deluxe burger which was marketed as a “burger with grown-up taste”. The burger came with peppercorn bacon, served on a potato flour sesame seed bun, with lettuce, onion, tomato, cheese and a secret mustard and mayonnaise sauce.
The $100 million ad campaign flopped. Why? Most people go to McDonald’s for a quick bite – a tummy filler. They don’t see McDonalds as a purveyor of gourmet meals.
Examples like this go on and on. Many large companies have suffered new product failures – just think of Apple, Pepsi, Coke and the motor vehicle companies. Continue reading
Now new business ideas and tips weekly
I’ve suddenly realised that I haven’t let you know that www.ideaaccelerator.co.za has gone weekly.
We’ve got so much to talk about and share.
Like new business ideas, tools and tips on how to solve business problems.
The first quarter of this year is nearly over and we’ve covered: Continue reading
Do all these idea generation techniques really work?
You’ve got every right to be skeptical.
Here’s why:
Every day ordinary people come up with ideas. They fix things in their homes, they find ways to reduce their expenses and they get ideas to make delicious suppers.
At work they find new ways to do their work more effectively, write e-mails and proposals and figure out clever methods to cut costs.
Now, why would they want techniques and methods to generate ideas? Continue reading





