Behind every entrepreneur is a great idea, something you can use as the foundation of a great startup. However, many ideas only look good on paper. Once in action, they actually do not work that well, leading to wasted resources and a dead dream. Here are five signs that you should reconsider your supposedly world-changing product concept:
1. Investors Aren’t Interested
Fundraising is a big part of running a startup. If you don’t have enough money, you can’t have a successful company. You need to make the rounds and present your startup’s products to potential investors. While not all of them will say yes, you should still realistically get a few to agree to your pitch.
However, if you find that absolutely no one is willing to give your startup a shot, you need to go back to the drawing board and find out if it is because of your product. Your product may not be the only thing they consider, but it is definitely a factor in an investor’s decision making
2. The Value of Your Product is Based on a Flavor of the Month
Fads and flavors of the month are great for existing companies. They represent a critical opportunity for a business to reach their audience through something they are dearly interested in. However, while good for a marketing campaign, a fad is a poor foundation for a startup.
Take a look at your product idea. Is it something that solves a problem people will always have, or does that problem vanish after a few months, when the latest trend inevitably melts away? If it is the latter, your product is unviable.
3. The Idea Has Failed Before
While it is certainly possible to come up with a never-before-made product, it is far more likely that whatever you thought up has been done before. That is not a mark against your entrepreneurial mind. That is just history. However, that does mean you have a bit of research to do.