Will my enterprise succeed? 3 easy questions to find
The dream of being an entrepreneur has already become a reality for many Brazilians. But debts and frustrations can easily bankrupt your dream business. According to businessman Marcelo Germano, with 3 simple questions you can clear this doubt and undertake more safely
Airbnb, Netflix and iFood are some of the companies that we did not imagine would be a complete success, but that, today, we cannot live without. In fact, there are countless cases of billionaire businesses that started with a simple idea and evolved into services that completely changed the way we live.
And as much as the success of some companies seems to have no explanation, the entrepreneur and professor, Marcelo Germano, comments: “If we analyze, all these companies have the same characteristics, experience very similar situations. At first, it’s hard to see; now, it seems obvious that they would be successful”.
For Marcelo, it is impossible to predict what will work, but it is simple to measure the chances of that happening. After all, the closer to these “Characteristics of Success” your business is, the more likely it is to be on the list of those that “succeeded”.
Therefore, check out the 3 essential questions to find out if your business idea has potential – or if it’s better to think a little more:
1. Who is behind this idea?
More important than a brilliant idea is who is behind it. According to Marcelo, an entrepreneur who has the necessary characteristics to make a business work is even capable of transforming a “bad” idea into something profitable.
After all, along the journey of building the business, the original idea will undergo changes, will undergo adaptations and will be polished until its final project. In fact, in this process, it is expected that until good ideas go wrong several times, but that the owner is able to stand firm and solve the problems that arise.
Therefore, the first question it should be: is the person behind this idea willing to adapt and keep working until the business succeeds?
2. Has this idea already been validated?
In practice, the theory is different. When we talk about an idea, a good way to ensure that it is minimally viable is to find out if it has already been validated. If the business model already exists, you can directly research your competitors to understand their audience feedback.
However, if the idea is totally new, to avoid surprises and identify possible problems it is essential to validate it. And don’t see it as a hindrance to your business. In fact, an idea validated and redefined several times has a much better chance of succeeding.
Validation works like a test for your idea. That is, experimentally, how your product will work for the target audience when it comes to fulfilling its objective. If your audience is 40-year-old men who are struggling to learn English and your product is a language app, you will have these men test the app and then you will collect the feedbacks them about the use of the product.
3. Do you have the necessary skills to open this business?
No business tip is more important than honestly answering this question. After all, those who do not have competence, cannot establish themselves. “Most of the people I know that I see building deals that go wrong are extremely optimistic, but do not develop skills they need to have to open a business”, comments Marcelo Germano.
In fact, according to the entrepreneur, this is the biggest cause of the “chaos” that occurs within companies. And the consequence of this chaos is not just a business going bankrupt, but having constant fights with the family, getting into debt, being hostage to loans, etc.
Entrepreneurship involves risks, and always being so optimistic – to the point of not paying attention to these risks – it can be the reason a company fails before it even starts.
So the last essential question is: Do you know what skills are needed to open this business? Product, hiring people, leadership, management and personal mastery are some of the skills you may need. Which ones do you already have today?