In 2005, Neil Moodley was still working as part of marketing a software company in Southampton. He got an idea that he said was original and brilliant.
“We’re trying to build a business where people will want to buy our software, but it is not easy,” says Neil (36). Then, with determination and also the idea, Neil realizing the business idea of a financial website become a reality and hope that some companies will want to use the product because he thought a better product than its competitors.
Great idea indeed, but in wrong time, that’s what Neil experienced. Approximately four months later, after investing the money of about $ 2,500 and provides hundreds of hours to make a prototype, Neil must face the fact that Google also launched a new feature that is very similar to his product, Google Finance.
“I saw it and realized how similar to my idea,” said Neil.
According to Toby Stuart, a professor of entrepreneurship at Harvard Business School, it is often experienced by those who would start a small business. They were too high expectations for their ideas that they considered “original.” Basically, if you think of an idea, there may be other people who think the same thing.
The first question you must ask yourself when they want to realize a business idea is: Does this idea have the power to sell? That is, if the product is urgently needed so that there are people who will buy it over the price of your production.
To illustrate that the product you have the power to sell, you do not have to create a business plan that describes clearly why people will buy your product.
The next question: Is there a big enough market for the product or service you offer? Even if your business seems to have good prospects for making a profit, an investor will not invest in businesses whose growth is limited.
Your business will not survive if it can not compete on the market. What about your product, what can be patented? If you sell a commodity, whether you can build your own business brand?
If you are confident enough with what you are doing, then the important question you need to ask is how hard you will fight for your business is? Between 1998 to 2005 only about two-thirds of small businesses that can survive in their first two years, and approximately 44% of them made it through their first four years. It was only those who can survive, and have not achieved success. What other times of crisis like this, starting a business is not an easy road and smooth. But that does not mean impossible. There is always a possibility. The most important thing that needs are not underlined any matter as much as your idea, all your business success is determined by hard work, perseverance and persistence.