Tuesday, 9 November 2010

Does the best/unique idea win?

Most of the people think that your business will turn out to be successful only if you've some unique idea. But in reality this is not true. Having a unique idea does not imply that your business is going to successful! If you look around you'll realize that business with similar ideas have flourished in market at a time. Just take the example of social networking sites- there are multiple, all doing good (some even failed though).

There have been entrepreneurs who worked on unique and good ideas, but still failed. The culprits for failure might be varied and numerous like poor marketing strategy or not being good at user experience. On the contrary even mediocre products or business ideas have succeeded like anything when well backed up by excellent marketing! Stepping into the entrepreneurial world is being considered as mysterious because most of the  folks equate it with best unique idea! Not every idea will be necessarily just the only one of its kind. There have even been situations where competitor products have been launched later but have flourished more. It is more about how you grab attention and market than being different!

In brief there are many other factors which contribute to success of your business. Just don't wait for any strikingly different idea to get cracking.

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