Published in


How Do I Know If My Business Idea Is Good?

There is nothing like the ‘buzzinga’ moment of discovering an idea.

Anchal Srivastava, Nidhi Joshi, Priya Bansal, Business Planning, Money Management, Customer Service, Staffing, Operations and Commerce, Selling, Workplace Inclusivity, Workplace Productivity, Employee Management, Career Development, Customer Engagement, Website, Branding, User Experience, Introduction to Digital Marketing, Advanced Digital Marketing, Social Media Marketing, Tracking and Analysis, Mobile App Development and Promotion, Market Research, Agency Management, Video Marketing

It doesn’t matter whether you got it on the toilet, while jogging, walking the dog, or while cooking. A study published in the journal Nature Communications, by psychologists at Queen’s University in Kingston, Canada, suggests that an average person has 6,200 thoughts each day. But not all thoughts are eureka-worthy, right? So, the question is, how do we know whether our business idea is a game-changer? A study conducted by IBM Institute for Business Value (IBV) and Oxford Economics in Dec 2020 found that 90% of Indian start-ups fail within the first five years due to a lack of innovation and exclusive business models.

Copy-paste does not work anymore. Today, data has become affordable and available to most of us., so be authentic. Clients are not chumps; they have exposure, means, and other architectural firms where they can take their business off to. There is no way to answer whether a business can succeed based on an idea. But, with some determination and struggle, the idea can be refined to make it more informed and resilient.

So, how do you refine your idea?

First, be honest to yourself, list down all your skills and passions, what you currently know and want to accomplish — a short-term plan (one year) as well as a long-term plan (5 to 10 years). Try to assess yourself, be your worst critic. Sit down, clearly articulate a list of your skills, all the broad and industry-specific skills, and finally match them with your original idea. This will provide a valuation of what you can apply to develop your inkling and what knowledge you are willing to gain along the way. And as we all know, learning goes a long way; Albert Einstein once said, ‘Once you stop learning, you start dying.

You will have to keep going back and forth with your idea. A friend of mine — Vaishali, used to keep these post-its everywhere — on the fridge, her study table, near her bed, and she used to write every idea down. Then, she used to collect them all from all corners of her apartment and finally stick them on the bulletin above her study table. She was absolutely sure that she wanted to open an architectural firm, and she was waiting for her eureka moment.

Another friend of mine, Benny, was more techno-friendly and loved to keep his notes on his phone. They both had the same goal — becoming an entrepreneur. But both had a different outlook — Vaishali used to dedicate 30 minutes daily on her research for the best idea of the day, while Benny used to relish picturing scenarios where he would be successful one day. One was focusing on the journey and the other on the destination.

While it is good to have the final outlook of an idea, planning to reach the goal must not be overlooked. You must clear all your doubts about your business idea. You must be self-assured with your idea. If you can convince yourself, then you can go all the way. But if you are tentative, you cannot expect a client to believe and invest in it.

Start by asking yourself a few questions to be sure. Are your skills and passions integrated enough to solve a problem? How many competitors are available in the market? If there are several, then does your idea optimize the existing solution or not?

Now, Benny always maintained that his passion was sketching. I remember him taking part in various design competitions throughout college. During his internship, he was a visualiser for an architectural firm. His social media accounts are filled with inspiring graphic design content. After graduation, he tried to stick to one job in multiple architectural firms but couldn’t. Why? Well, he was unable to explore his graphic skills in an architectural firm. Without motivation, work can feel like baggage. Besides, when he tried to pursue his passion, the opportunities did not provide him with adequate monetary compensation compared to architectural firms.

Being realistic, you must question yourself, what is the demand for your idea in the market? Will your business idea be good enough to fetch money? It must support your passion, as well as confirm the identity you want to create for yourself in that business. Finally, trust yourself and your idea. Your instinct will guide you through. Never pursue anything at the expense of your mental peace. Faith is important, but blind faith is dangerous. Try selling your idea to a kid. They say that if you cannot convince a child, it is a sign that you are not clear of the concept yourself. Because if the idea is good enough, it will work along with you. An idea is the foundation of your journey here, make it strong to make it big.

Next time we will come back to talk about how to make your business idea bigger and better.

About the Writer
Anchal Srivastava is an architect, urban planner, writer, researcher, and scholar. She is a certified GIS specialist from IIRS, ISRO, Dehradun. She is a graduate of the School of Planning and Architecture (SPA), Delhi and Dr. A.P.J. Abdul Kalam Technical University (APJAKTU), Uttar Pradesh. She has experience working at the Town and Country Planning Organisation Delhi, Jabalpur Smart City Limited, Suresh Goel & Associates (SGA), APS Green Architects & Associates, and as the head architect at SSAP and Shantiniketan Buildtech Pvt. Ltd.

About the Editor
Nidhi Joshi is a writer, architect and artist. She experiments with art, calligraphy, and all things Interior Design. She is a graduate of the Bharati Vidyapeeth College of Architecture, Mumbai. She has experience interning at PG Patki Architects.

About the Illustrator
Priya Bansal is an architect and a generalist, currently based out of Delhi NCR. She is a graduate of the School of Planning and Architecture (SPA), Bhopal. She has experience working with Studio Juggernaut.



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Ar Anchal Srivastava

Ar Anchal Srivastava

Writer at Zeyka | SPA Delhi Urban Planner (Thesis laureate: 9.75 SGPA) | Architect (Gold medallist) | Researcher