Every business starts with a dream. That dream shapes and defines the business—from who will be served to what products and services will be offered. Most prospective business owners research their business idea and conduct a feasibility study with the hope of uncovering facts that justify their dream. However, the research sometimes tells us things we don’t want to hear. What happens when the research disproves the dream and—to make matters worse—proves an entirely different market that is not consistent with your original vision?
Should you go for it? After all, your research proves that there is a high probability for business success. Or should you abandon your idea altogether? Just because there is a proven market for a particular business doesn’t mean that it is the right business for you to start.
Making the right decision will require some soul searching. You’ll have to decide whether or not this new business idea is feasible for you. Ask yourself these questions:
- What was it about the original idea that was so attractive to me?
- What motivated me to pursue my original market in the first place?
- Does the notion of owning a business still appeal to me, even if it means serving another market?
- Do I have the skills and resources to effectively and competently serve the new market?