You've got a dream that just won't die, so you start down the path of entrepreneurship. Along the way you meet your supporters and your detractors. At some point, the naysayers stir your first seeds of doubt:
How do you know whether your idea will lead to a successful business?
How can you make sure your leap of faith won’t land you into a pit of financial ruin?
How do you overcome the obstacles before you?
The answer? You can’t. There’s no guarantee that your efforts will lead to a positive outcome, but there are measures you can take to prepare yourself and increase the likelihood of coming out on top.
Before (and during, and after) setting off to make a business out of your idea, make sure you get as much feedback as possible.
Analyze Your Idea
Before going all in on your new venture, take a step back and analyze your plan.
Ask yourself the following questions:
- Is my idea new?
- Am I improving upon an old idea, or does my expertise bring value?
- What is the market saturation point? Do I have a lot of competition, or is there room for my idea in the marketplace?
- Do I have the right qualifications, or, if not, can I obtain the needed qualifications?
- Am I adequately funded? Can I survive the period of growth between starting up and obtaining my first few sales or clients?
- What is my support network, and are they on board with my plan?
- Do I have access to affordable insurance, and will I qualify for coverage?
Self-evaluate, but also take the time to reach out to peers, potential customers, and potential competition. Listen carefully to your critics. Don’t let one criticism tank your idea, but be open-minded to the feedback you receive.
As you plan, you can utilize the objections of others to refine your idea. Each failure you have is teaching you something new and is an opportunity to redirect yourself towards the things that are possible.
Here's one story of a man who didn't let failure define his outcomes and refined his idea until he finally achieved his dream.
James Dyson: The Man Who Turned Failure into Success
Dyson is a household name. Many of us have a Dyson vacuum in our closet or know somebody who swears by their bagless vacuum. Today, Dyson is a $2 billion dollar company.
But James Dyson was not an overnight success. In fact, it took Dyson nearly 15 years to perfect his idea.
He said, "There are countless times an inventor can give up on an idea. By the time I made my 15th prototype, my third child was born. By 2,627, my wife and I were really counting our pennies. By 3,727, my wife was giving art lessons for some extra cash… The process bore the fruit. I just kept at it."
Why Small Business Insurance Can Be the Difference Between a Dream or a Nightmare
The early days of your business will likely see you saving on costs wherever possible. Protecting whatever assets you have, however, is a necessity. This makes small business insurance a must.
A single professional or product liability claim can cost tens of thousands of dollars in legal bills and damages. Few fledgling businesses can absorb such a loss. Can yours?
For this reason, it's essential to purchase general, professional, and product insurance.
Where to Buy Small Business Insurance
At Insurance Canopy, we're focused on the needs of small businesses and entrepreneurs. Our policies are curated to provide small business owners with affordable and comprehensive coverage.
Take a look at our industry list to see how we can help you.