Bourgeoisie and angel free lunch and smoker pitch deck do not matter how much the initiative you want, if the basic idea is terrible for your startup, you’re going to struggle.
This is a tangent theme. Entrepreneurs are passionate about their business. And there is a case of separation: recovery, Airbast, Bitcain, even Amazon also returned again. Those thoughts can be awesome for others at that time.
It is understood that the entrepreneurs are not enthusiastic to tell fellow entrepreneurs that their thoughts are useless. This reason will make you the final call. There are four red flags that can sign a defective investment before deeply dive.
1. Extraordinary ideas of highly competitive areas
To succeed in the UK, accounting is an incredibly hard entrepreneur area. I should know: A London-based accounting practice with more than 50 employees of my business.
According to the National Statistics Office, more than 43,000 accounting businesses in the UK were registered in 2019. And the number is increasing.
I have seen it repeatedly: accounting practices do not get out of the ground from the first ground because they do not give any of the basically something in a shiny area.
Our practice has been successful because we continue to invent into a field that does not borrow easily for innovation.
If you want to enter a closed-up field, try to offer at least some unique individuals.
2. There is a lot more time for a minimum effective product (MVP) in a technical startup
Tech is a solid area. The technical bubble shows explosive signals, and the area is affected by a mobile phone – Facebook, alphabet, Apple etc..
Facebook Cloudhouse, the bugy voice-based social network did not take much time to bring rivals. Or Twitter, for that case.
It’s time to copy the Instagram SnapCChat stories in technical fields: Instagram Snapchat, which was copied by LinkedIn. Spotify and Tiktok managed to fight efforts to copy their features. But the jury is still clubhouse.
As long as Facebook and Twitter started copying the clubhouse, the new social network was already 10 million users, thanks for the initial acceptance of some big names. But the ability to stay in the Clubhouse game now depends on how fast your user’s base is to maintain and enlarge and add the main features.
If your technical startup concept requires MVP or many times, consider the main-development team to give business ideas on foot.
Related: ClubHouse application 5 ways
3. The idea you bore
You may have a great idea on paper, but when you talk to you personally, the idea will not say anything.
This red flag is reddest.
Steve Jobs If we are taught something it is a company’s success basically depends on it.
But the negative reaction is important to care that otherwise may have harmful effects in Sound Business Idea. If you are visiting a business idea, you keep on yourself until you go ahead or not whether or not you want to proceed. Otherwise, the negative response to other people can poison the concept before moving forward.
Related: How do you do the negative response for you
4. Bandwin idea
Bandwagon is difficult to draw ideas until you have many instant resources.
From “bandwin ideas”, I mean business ideas based on the latest promotion. Hoverboard is a good example. KOVID-19 masks another.
For this hold, see an inauguration of the entrepreneur market and then bouncing a bouncing. It is difficult to complete it until you have a lot of instant capital for investing or celebrities to promote it.
Bandwagon thought is very good for a fast buck – hard work, get your return to invest, then exit. But they are not usually intelligent options for long-term entrepreneur enterprises.
Minimum requirements for a good business idea
Human occupational ideas are different as their personal creativity. But successful business scenes should always do the following:
Have to complete a problem or need to solve a problem.
(Relatively) easily financing.
Relatively fast (compared to competitors).
The entrepreneur becomes something that is mental.
A business concept is not required to be accurate to succeed in business. But it must be mostly words.
It is given, it depends on the ability to get an idea of the fineesse of the entrepreneur, the ability to solve the problem and the ability to get an idea from the ground.