Major Factors In Testing Sustainability Of Business Ideas

Viability entails understanding whether the idea is able to survive financially and its long term sustainability. FILE PHOTO | NMG

By Business Daily

 Three things to consider while testing the sustainability of your business idea.

We are living in a time when sluggish economy and innovation disruptions by emerging technologies are leading organisations to change their business strategies and also adopt cost-cutting models.

While some organisations are laying off workers, others are restructuring their business models while some have gone to the extent of closing down. This means that organisations and individuals are therefore looking for ways to enhance their survival by coming up with business ideas that they can implement as future businesses or products that can offer them a competitive edge.

Though idea generation is an important stage in business development, not all business ideas that exist in our mind will have a business opportunity and therefore validating your business idea before spending your money on it is an important stage in business development. A story is told of a student who wanted to solve farmers’ problems of identifying crops in their farms that were mostly infested by pests. He, therefore, had a great idea of developing a drone that would have mounted cameras to take photos while flying above the farms.

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