Being an entrepreneur you’re aware that regardless of how thoroughly you’ve thought about your plan and how carefully you plan there’s no guarantee your idea will be successful. Even though chances are you’ll not succeed always succeed but you’re confident that in the end, you’ll be able to come up with the necessary elements necessary to be successful. However, to achieve that, you need to take on risks. How do you know whether it is worth the risk?
There’s an old saying that states “nothing was attempted; no gain.” That’s what entrepreneurs do each time they launch a company. If you don’t take action and you don’t get anything, you’ll end up with nothing. If you go in the dark, there’s a good chance you’ll find something and that something could be exactly what you’re looking for.
There are three tests that you can use to aid you in determining if your business will be worth taking on.
1. Do you have a new issue that requires fixing?
The world has seen more transformations in our society over the past 100 years than at any other time in recorded history before this. It’s hard to think of living in a society in which the techniques, processes, and methods were similar throughout your lifetime and the choices regarding the food you ate and what clothes to wear or the way you spent your time were not changing. However, that’s what it was like at the end of the 19th century.
The new problems are the result of these changes. Consider the health issues caused by the introduction of a 24-hour society. Instead of rising in the morning and then going to bed as it goes down We work or play during the entire night and day. Why? Because we can.
Also, think about the issues that have been created in the world. Demand for energy has increased dramatically. It is unclear how much oil and gas are still in the dark. The demand for precious metals is growing in increasing numbers for industrial applications.
Many books have been devoted to the latest issues of our time each book offers the opportunity for entrepreneurs.
2. Are there new methods to resolve an old issue?
This is a reference to the numerous new technologies that have been developed. There was a time when dishwashers were believed to be a luxury, however, nowadays, they’re considered to be essential. When the 80s were when computers on desktops came out, people who wanted to buy one would have to pay quite a lot of money to purchase one. Nowadays, they’re priced the same as the discarded product. The demand for them has risen. For instance, pen and paper, which were the most essential tool used in the classroom for centuries, were substituted by computers.
3. Do you know of a better method to resolve an old issue?
While technology advancements can aid in this, progress isn’t just limited to it. We have so much knowledge about how the world operates that it’s likely that we’ll find new methods to tackle our problems without technology. For instance, the psychology of today is a major factor in every aspect of life from marketing sports to fashion. We know what influences the behavior of consumers and how we can influence it.
There are plenty of new issues that require solutions. Education has provided us with the tools to deal with old problems which will keep on solving them. Globalization has taught us that there’s more to life than one method of doing things.