Why do some ideas succeed in making money and doing good, while others fail?
Part One
Have a look at two companies – one that is popular and made change, and another company that failed in getting their message across or failed in their mission and went out of business.
- Why was the one successful and the other one not?
- Is your bias influencing your thoughts on why it succeeded/failed?
- Create a chart of the elements in each idea that was a success and which may have led to a failure.
- How could the successful business improve? Can they?
- Do you think if you changed a few elements from the unsuccessful business, it would help it succeed? What would you do to revive the business?
- Are you using any ideas or pathways from the failed business? If so, do you think removing it will improve the success of your idea?
- Is your idea based on solid research and facts?
Resources to get you started:
4 failed products that will teach you a lot about business
4 Innovative, good online business ideas that failed and why
The 23 Most Profitable Businesses in 2021
27 of the Most Profitable Small Businesses to Open in 2021
Part Two
Select two podcasts from the podcast pool and listen.
- Who do you think communicated more effectively? Why?
- Did the podcast you enjoy better convey a positive or negative message? Were they thoughtful? Why?
Part Three
Learn how to measure the success of an idea.