Four signs that your business idea might be awful

Man looking depressed [Courtesy]

No matter how many venture capitalists and angels you try to lure with free lunches and smoking pitch decks, if the fundamental idea for your startup is terrible, you’re going to struggle.

This is a touchy subject. Entrepreneurs are passionate about their businesses. 

Unoriginal idea in a highly competitive field

Accountancy is an incredibly difficult entrepreneurial field to succeed in the UK. As per the Office for National Statistics, there were over 43,000 accountancy-related businesses registered in the UK in 2019. And the number continues to grow. I have seen it time and again: Accountancy practices fail or never get off the ground in the first place because they offer nothing original in a glutted field. 

Tech is a tough field. The tech bubble shows signs of bursting, and the arena is dominated by a handful of conglomerates — Facebook, Alphabet and Apple.

The idea bores you

You might have a brilliant idea on paper, but when it comes to you personally, the idea stirs nothing. If Steve Jobs taught us anything, it’s that the success of a company largely depends on the person at the helm. 

But it's important to note that negative feedback can have a detrimental effect on an otherwise sound business idea. 

Bandwagon ideas

Bandwagon ideas are difficult to pull off unless you have a lot of immediate resources. By "bandwagon ideas,” I mean business ideas based on the latest hype. Hoverboards are a good example. Covid-19 masks are another. 

Bandwagon ideas are great for a quick buck — invest hard, get your return on investment, then get out. But they aren’t usually wise choices for long-term entrepreneurial ventures.