How do you know if product is the next unicorn?

It fills a niche

If your idea for a business solves a very specific problem—one that only a select group of people need solved—you might be onto something big.

Malaz Majanni created the OnePath Network app here in Sydney as he noticed there was a gap in the market for a space for Islam and Muslims to explore their culture in a positive light. He did this by representing Islam and Muslims from their own perspective. This niche in the market was positively met as the network began with a $1 million investment from the Muslim community.

OnePath Network received Media Organisation of the Year at the 2016 Australian Muslim Achievement Awards, and one of its hosts was a nominee for Role Model of the Year. The network has also earned an international reputation as they received an award in the 'media' category of Dubai's Islamic Economy Awards in 2017.

Businesses that cater to a small segment of the population need to be sure that there are enough people out there to buy the goods or services they offer. But by tapping into a specific demographic, prospective business owners can often find an untapped market for even the most out-of-the-ordinary ideas.

People you don't know say it's a good idea

A straightforward way to find out if your business idea is worth pursuing is to ask people—specifically, people you don't know—whether they think it's a good idea. Chatting with experts who work at Worldteam, who have the expertise and experience to best guide you, is the best way to ask. Constructive feedback is incredibly valuable when you are looking for a business venture, as they can steer you in the right direction.

It's easy to understand

This next strategy for testing your business idea needs little explanation: if your idea is easy to understand, chances are it's more likely to succeed with prospective customers or investors.

Being able to answer questions about what your business does and why it exists in the first place is a good indication that your idea might be successful.

Different people have different values and perspectives; not everyone will like your idea. If you think your idea is worthwhile, you will have to be the spokesperson for it.

Passion is one of those intangibles that drives an entrepreneur, gets them through the good and bad times, and ultimately determines whether or not a firm succeeds.

Those who work at Worldteam have the expertise and knowledge to help you effectively.
Please submit an enquiry below with us if you want to learn more.