Coming up with new business ideas is the exciting part. You are charged with energy. You see possibility in your new idea. But before you run out to build a prototype or sample and test your brilliant new idea it may be useful to look at why some start-up ideas frequently fail.
On the Quora site a start-up founder, consultant and adviser mentioned that almost anything selling technology into restaurants will likely fail particularly if it solves a problem for diners rather than the owners. As he says, ideas that failed include cheque-splitting, menu systems and order-from-your-table systems. It makes sense because will these new concepts bring in new business for the restaurant owner. If your product can reduce costs or increase sales for a restaurant, then it’s a different matter.
Growing up in Kalk Bay, Cape Town, my mother used to make delicious pickled fish. Being so close to a real, working fishing harbour she was able to buy fresh fish for frying, baking and pickling. My father had a ski boat and he would catch various fish which could be pickled such as Cape Salmon, white Steenbras and yellowtail.
On Sunday we ate delicious pickled fish for lunch. But this pickle fish was not made in Cape Town where one would expect pickle fish to be made but was rather made in Bloemfontein in the Free State. Interesting, isn’t it, that a small business in the heart of the country has come up with an idea to produce pickled fish and make it available in various convenience stores and butcheries. Continue reading “A tool that helps you decide if your new business idea is viable or not”
How do you know if your product is going to be a winner? Do you know how to reach your market? What happens if you build your product or service and no one comes?
The high rate of product or service failure is a good indicator of how many would be start-up entrepreneurs put something out into the marketplace but quickly find out that the demand that they anticipated is not there. It could be apps, online courses, educational DVD sets or even books. Continue reading “How are you going to test your new idea?”
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