Remember that first time you had that “Idea”?We all have been there, it is amazing! You believe in that idea, you talk about it all the time, you are charged up for hours and even days, what a feeling it is! But here is a thing, few ideas work, few don’t. However passionate or talented you are, there is some risk, always! It is shattering when you fail, with overwhelming feelings of failure, guilt, or even anger. No one wants to be there.
Here are 5 signs that Your Idea is going to Flop.
Read on for how to know if your IDEA is going to fail and what you can do about it …
1. Always confused!
Sounds familiar, isn’t it? everyone gets confused when implementing a new idea. You are brimming with ideas to make it better, add a little here, trim a little there and even replace the whole thing.
All this is normal but if your mind is flickering a bit too much and it has started to pain. You might need to stop a bit, research, rebuild or reconsider.
Sit on your ideas for days, weeks, or even months. Make that pros and cons list. Get expert opinions, friend reviews, etc. When you have decided to move ahead, add a timeline. Make the plan and add milestones and dates. Stop flickering now till you have finished.
2. What is the price?
Welcome to reality. Everything has a price!
While you really believe in that Idea. It could solve problems and do miracles for your business. But what is the price? Is it viable? Price is a complex term. Try answering these questions when you are figuring out the financials.
- Salaries – Even if it is just you, write it down. Most people start with their savings. Can your idea pay you? if yes, when?
- Overheads – Note down everything that you will need to pay. Rent, salaries, miscellaneous expenses.
- Time – “Time is money” Cliché but for a reason. Whenever you say ” it is just a matter of time before you start ….”
Answer yourself “ How much does your time matter ?” For instance, if you are earning INR 500/hour, and are going to invest 1000 hours over the next one year into your idea, you will have invested around 50,000 in your idea . are you going to get favorable returns on this? Do your maths.
- Opportunity cost – What else could you be doing?
- What if you invested your time in other things, say other ideas/ business or skill? how would that pay you off? Might get overwhelming but you do want to make an informed decision, right?
3. No one “gets” or “believes” in your idea.
You love your idea, you talk about it all the time, with everyone but no one is getting your idea! sounds relatable, isn’t it? This is serious. If no one is getting your idea, you might want to rethink it.
What could be the reason?
Does it need work? or
Is it too technical or too genius for everyone to understand? Even for your target audience?
What is it that you could do better to make it practical and viable?
You need to pay attention to their doubts and concerns and clarify it. Else, even a brilliant idea can be a flop.
4. How much do you believe in your Idea?
Yes, it is normal to be nervous. In fact, many say that a little nervousness keeps you on your toes and ensures you work towards turning an idea into a business.
How much do you believe in your idea?
Do you fear failure all the time?
Well, here is the thing. If you are unsure of yourself, there are high chances that it might just flop. Why? Because if you are not 100% sure, you might not give your 100% either, makes sense? So whatever it is that you doubt, work on it. If it is due to a skill set that you do not possess, make sure you learn it or get someone who is good at it. If you think it is not viable financially, operationally or the time is not right. Make sure you satisfy yourself well before you proceed with the idea.
Failures can be unpredictable or inevitable but it is just not advisable to build a ship to sink it. Make sure your idea is failure-proof ( best to your knowledge ).
This is why most people are destined to fail. While your idea might be great and you are working hard at it and getting all the help you need. But what is it that really stops you from that big launch?
5. Believe in Yourself
Maybe because you are an engineer or chartered accountant and have no experience in selling?
Maybe because you have never managed a team?
Maybe because this could be bigger than your “practical goals”?
Well, what can I say? If you don’t believe in yourself, no one will ever believe in you. Your idea may be good but people can sense it if you aren’t confident of yourself.
How to believe in yourself?
Well, here is a tip. Start small, see results, and show results. Gear up for bigger success. Not all excellent ideas find success. You need to review, seek feedback, advice, or even help. Here is a recommendation
- Talk and Review – talk to your mentors, peers, and your target audience and review your idea.
- Research and Review – Not just your idea but the tiniest details. Do it regularly.
- Plan and Review – A goal without a plan is just a wish. Add timelines and milestones to your idea and review them regularly.
Here is a blog on Why You Must Have A Backup Plan for Your Career?
In case you still flop? Get Up, Dust Yourself, and try again.