The smart entrepreneur's guide to letting go of a business idea - Jeremy Lang

ACCORDING to research by the University of the Western Cape, between 70% and 80% of small businesses in South Africa fail within the first five years. And that’s for real, established businesses. The failure rate for business ideas — before they even get off the ground - is likely much higher.

- Jeremy Lang

ACCORDING to research by the University of the Western Cape, between 70% and 80% of small businesses in South Africa fail within the first five years.

(AI LAB)

That's why knowing whether your idea has genuine potential, and recognising the point at which it doesn't, is critical for any aspiring entrepreneur.

Continuing to invest time, money, and energy into an idea that isn’t viable can be costly, both financially and emotionally.

That said, not every business idea is destined for failure. Here are five ways to determine whether an idea has the potential to succeed and when it’s time to let go.

One of the most common reasons businesses fail is simply because there isn’t enough demand for their product or service. Before investing heavily, test the market. This can be done through surveys, pilot programmes, pre-orders, or small-scale launches. Honest feedback from potential customers can reveal whether your idea meets a genuine need.