Notice these signs to avoid pursuing poor business ideas:
You Hate it. → Being a successful entrepreneur takes a lot of time, especially at the beginning. You’re going to have a miserable time if you don’t enjoy the business on some level. You might have the idea of creating a new breed of dog, but if you can’t stand dogs, you’re not going to be happy.
It Compromises Your Values. → For example, if guns, porn, or animal products are against your values, then having a business related to one of those fields isn’t going to work for you.
You have to be able to look at yourself in the mirror at the end of the day. Ensure that your idea is aligned with your values.
You Can’t Handle the Startup Costs. → Certain types of businesses are prohibitively expensive to start up. Pharmaceuticals and automobile production are two examples.
Few people have the means to even get started with ideas like these and finding investors is a major hurdle for most.
The Business Doesn’t Leverage Your Strengths. → Run with your strengths. If you’re a great salesman, use that skill. If you’re creative, use that to your advantage. Put your strengths to good use.
The Business Relies Heavily on Your Weaknesses → Avoid your weaknesses. If your business requires great sales skills, but you’re the worst salesperson you know, you’ll want to pursue a different idea.
There’s No Market for Your Business. → There’s no market for pet beavers. Even if you love beavers, have great animal management skills, and can sell with the best of them, you’re not going to create a successful business selling pet beavers.
Your Business Idea Doesn’t Solve a Problem. → People spend money to solve problems. The problem might be a leaky faucet. The problem might be a need for entertainment. But there is a problem to be solved. Does anyone need what you want to sell?