How long and how far should you push a business idea?

Discussion in 'Business Ideas' started by Valentine, Aug 16, 2011.

  1. Valentine

    Valentine
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    So you have this new business idea but it just isn't raising enough cash for you.how long and hard should you keep pushing?anyone care to discuss?
     
  2. ArcSine

    ArcSine
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    In most cases I'd say it depends on the reason that the expectations aren't being hit.

    There's a set of carefully-constructed projections, forecasts, and scenario analyses already in place, before the idea ever gets rolled off the showroom floor. Post-launch, if the real-world results are < projections, it's easy to identify the responsible variables; e.g., # of units sold per month is lagging forecasts by X; a key manufacturing input is costing Y% more than projected; etc.

    Having so identified the culprit(s), next step is to figure out if they're fixable or controllable enough to restore profits to acceptable levels. Maybe those higher-than-budgeted raw materials costs are due to an unexpected bull market in those commodities. If so, do the economists' tea leaves see this as a temporary or long-run phenomenon? Can we re-design the product, or perhaps hedge our costs with futures?

    On the other hand, maybe that sales shortfall is due to an overly-optimistic estimation on our part of the market's size, and now with our beer-goggles off we just don't see the market as having the growth potential we need.

    Either way, that identification of the specific problem(s) is what lets you quickly decide whether to (1) take corrective action, if your analysis indicates it'd be a good investment; or (2) bail, and set about in search of greener pastures. Making an informed go / no-go decision can be quite valuable.
     
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  3. Gary Barzel

    Gary Barzel
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    Depends on what your vision is for your new idea. If it's something that you really believe can succeed and prosper, then I would do whatever it takes to get this idea to become a reality.
     
  4. searchsouth

    searchsouth
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    I think it can be hard to be objective. We all tend to think that our ideas are great. When we try them out, some fail. It's knowing when to get out before wasting too much time/money.
     
  5. elids1979

    elids1979
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    depends

    Hi,
    I think it really depends on the complexity of your idea, if it is simple and failing, and some time has passed, i would definately think about reviewing the business model, and try something new.
    If it is complex, and there is still much to do until it is completed, give it the time.
     
  6. daytrader

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    since of course we think our own business idea is great and possibly will work and although we will still decide to push more or not for our business in the end, seeking counsel is still best for weigh which way to go to. doing different marketing strategy and assigning people who could best do their part in the org is worth a try.
     
  7. td2011

    td2011
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    If you are losing too much money on a project then consider a plan B. No point in losing so much that you end up in a worse situation than you started, though if it's just a matter of sitting out the difficult start of a fresh project then give it some more time.
     
  8. patrick0001

    patrick0001
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    In my father time, the business model is Big company eat small company. Now a day world has change, modern business model would be fast company eat slow company. Every business idea must be push it as fast as possible, we dont now the idea success or not, only push it out, then we only know the result. Too worry of making a wrong decision will never success in any business.
     
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  9. tiestreeshakti

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    one should try even harder and not loose hope because when one starts a business he/she comes with the mindset that they have to be very patient and will have to encourage their own selves because over a period of time people who are living in the surroundings will try and demotivate but the entrepreneur himself/herself has to be very rigid and has to stand rightful to his actions and make his business flourish. We have come across many women who have uprooted all the hurdles and have emerged successful and hence as a token of appreciation we have conducted TiE Stree Shakti Awards
     
  10. patrick0001

    patrick0001
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    That day I listen to radio, one business man comment that, If you are not pushing your business plan now, 3 months or 3 years later you will still think off the same question, when is the right time to push out business plan.

    If you not doing today, who know tomorrow others doing it, then forever you will behind others.

    If you not do it now, tomorrow you might no longer alive to do that.
     
  11. BatAds

    BatAds
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    Before starting any business you should conduct tests to see if your product or service is even needed.
     
  12. stellaandreapark

    stellaandreapark
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    That all depends on the idea and how long the project will take. The longer it will, the more opportunity to push it but think also if it is really needed to push it or just change the idea once it won't work.
     
  13. James Greg

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    Analyze the situation. The idea seems great to you but it is not appealing the community to buy, there's something missing here. Either the product is not as charming or it has been launched at the wrong time. When there are situations like this it is better to let go if it or find another place where it would be more profitable. But pushing an idea more than affordable is not a good thing as losing money constantly would soon get you broke.
     

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