Entrepreneurship has become extremely common these days with every other person ready to start a business venture of their own. If you ask around, you will realize that in fact, there is no dearth of amazing ideas, it is the execution of the idea and the understanding of whether a business is going to be worth all the time and money that you are putting into it is the real big deal. There are a lot of smart people around with a lot of potential and ideas that can become revolutionary but may be living of their credit cards and are reliant on investment for running their business.

On the other hand, there are some who already have adequate capital to invest. In both cases, if they could get a heads up about how good their business idea is, it would surely be very helpful. Considering the fact that entering a business is always risky, this kind of a cushion can do no harm. This is especially true if you are a startup working in a shared space like a coworking space in Noida / NCR or Mumbai or any other big city. Here are some points that you can refer to in order to get some proper insight into the potential of your business.

Document your assumptions
It is very important that the idea is clear in your head first and one of the potent methods of doing it is a pre-documentation. Ask yourself questions like why exactly are you doing this, what kind of problems can be resolved by it and who is going to be the main beneficiary, how are people tackling similar problems today and does the business have the potential to make good money. Once these 5 basic questions have answers that make sense to you, you are already a few steps ahead. If you ask the developers in Unitech cyber park about their research tactics, they will tell you the same.

Converse with people who could be your potential customers
This is one of the common mistakes that most entrepreneurs commit. They do not talk to their potential customers before starting a business. By now, you must have documented the whole thing but ultimately it is based on your assumptions. Directly talking to people about it can clear the air much more. Make sure you talk to as many people as possible in order to gain a clear insight into what they expect out of the business.

Keep a prototype handy
Go one step ahead in creating a prototype of a product or service that you want to build your business on and keep it with you whenever and wherever possible. The purpose is to show the prototype itself to the customers and ask them how useful or useless they find it. They will give a proper review and help you know about the mindset of the people in details.

Find out how much a customer can pay for the product
One of the major aspects for launching a product is to understand the market value for it, that is, you should be aware of how much a customer will be willing to pay for a product in order to own it. If you don't do this analysis and set the price too high, you may end up under-selling. Quoting a too low price might either lead to a major loss of potential profit or under-selling again because the product might not be trusted.

Talk to people who don't like your idea
Fair criticism is only going to benefit you in the long run. So find out people who think your product sucks and ask them the reason why. You will be able to figure out a few shortcomings through this process and can work towards eliminating it to make the product better.

Figure out the investments required
Investments are a major part of any business. So make sure you have the finances and capitals worked out in details before you can dive wholeheartedly into the business.

Start small and be flexible
Don't end up spending a lot in the initial days itself, keep your budget and expenses as low as possible. You should also be flexible enough to make slight changes according to the situation and not be too adamant about sticking on to your plan, at least at first. Once the business takes off, you can think of the other aspects properly.

If you are on the verge of starting a new business, implement the above-mentioned points and it will definitely be helpful for you.