Episode 155 - Is It Really a Great Business Idea?

Starting a business often begins with a spark of enthusiasm; a great idea, a passion, or a skill we think others might value. In this episode, we discuss why that spark, while important, is rarely enough on its own. Drawing on real examples, hard-won experience, and some uncomfortable truths, we explore why so many promising ideas struggle to become sustainable businesses, particularly in the early stages.

We look at the common traps new founders fall into: becoming too emotionally attached to an idea, mistaking encouragement for validation, and underestimating how long it takes (and how much it costs) to make a business work. Along the way, we share practical ways to test assumptions, get better advice, and make clearer decisions before too much time, money, or energy is committed.

You can listen to the full episode here 

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Key Topics Discussed:

• Why “following your passion” doesn’t automatically equal a viable business
• The difference between a good idea and a problem worth solving
• How polite encouragement can actually do more harm than good
• Simple questions every new business idea should be able to answer
• Testing market demand without over-investing upfront
• The risks of emotional attachment and the sunk-cost fallacy
• Why realistic planning matters more than optimism
• Knowing when to persist, and when to move on
  

Who Is This Episode For:

This episode is aimed at aspiring founders, business owners, and leaders who are either considering starting something new, or are often asked for advice by others who are. It will also resonate with managers and advisers who want to give more constructive, experience-led guidance without discouraging entrepreneurial ambition.

Quotes to Remember:

"Just because you can monetise a skill doesn’t mean you’ve got a solid business”.

“There’s a big difference between a gap in the market and a market in the gap”.

Actionable Takeaways:

1. Clearly define the problem you are solving before thinking about features or products
2. Test demand by asking people to act, not just give opinions
3. Avoid building everything upfront, validate first, polish later
4. Write down clear objectives and review them honestly after a set period
5. Separate personal passion from commercial reality when making decisions
6. Be explicit about your assumptions on pricing, volume, and timing
7. Plan for how long you can fund losses before the business becomes viable
8. Keep alternative ideas ready so you’re not forced to cling to one that isn’t working
   
   

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