You can access The Entrepreneur Insiders network – an online community for Q&A about entrepreneurship and careers. America’s startup scene has started looking up once again with an increase in entrepreneurs over last year.
“How do you know when a business idea is worth pursuing?”
David Segal, Founder of DavidsTea writes today’s Answer
Scientific explanations give us reasons to believe what most people may have been following blindly. Have you ever wondered why do so many entrepreneurs refer to their businesses as their babies?
According to a recent study, researchers in Finland found brain activity of entrepreneurs looking at their company images was same as that of parents gazing endlessly at their kids lovingly. This may not be surprising enough, but it confirms that consumer brands have become living, breathing entities in market place over the years.
Any new business idea should have three promising aspects to it. If these are fulfilling consumer and lifestyle, you can assess if it is worth investing. We will discuss three key criteria that will decide a concept’s shelf life for being long and fruitful here.
Can you bring it to life?
Creating a compelling customer experience brings an idea to life. People are always coming up to me to express their sentiments and love for DavidsTea. I am sure what they really mean is that apart from teas, they love to engage their senses in our stores. We insist our staff be helpful and make customers smile. Consumers do like to get familiar with a unique or extraordinary product over time. They associate their own mannerisms and memories to consuming something as mundane as a cup of morning and afternoon tea.
People need emotional attachments to liven up their humdrum daily routines. Names and brands bring a little sunshine to an otherwise boring routine. For example, buying or using Mr. Clean may be no different from similar products. However, the buff, bald, neat freak on the label brings the product to life animating users during a dull chore they must get through.
Depicting or personifying mascots creates something ‘extra’ to an ‘ordinary’ task.
Does it have a soul?
Products that project a ‘Soul Appeal’ gives value and meaning to life. We are not discussing corporate social responsibility or even a charitable component here. A successful idea, products or services touches peoples’ lives in a special way. After all, consumers decide whether they really need a product or service.
Shopify has leveled the world of e-commerce- by becoming the Robin Hood of online market place. Just about, anyone and everyone can cheer up with its benefits.
Can it foster community?
Your idea should have power to create a community buzz. People should share it and socialize around it. This indicates a built-in marketing machine and real viral potential like famous brick and mortar Starbucks (SBUX, +1.11%) example. Cafés have always been places to meet, socialize and interact. However, logos and brands lend that just a little extra to an experience, which delineates classes.
3 Ways to Brighten Your Cubicle
All for less than $10.
The life, soul, and community aspects of an idea provide ‘Being Human’ component, which sets something apart from others. If you want to be a successful entrepreneur and investor, look for something with a ‘human touch’.