The following answers are provided by members of Young Entrepreneur Council (YEC), an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, YEC recently launched BusinessCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.
Consider Cost and Potential ROI
Evaluate how much it will cost your business to invest in a new business trend and calculate your potential reward. You know best how much your startup can spend and risk. Once you assess the cost and potential ROI you can move forward and invest accordingly.
Ask Whether It Solves a Measurable Problem
Before you pull the trigger on any new endeavors, make sure there’s a clear impact upon a known problem. Knowing the value of success, the cost of failure and the break-even point will highlight the potential for risk and reward.
– Sam Saxton, Paragon Stairs
Try to Sell It
If you can’t sell whatever shiny new business trend comes along than it probably makes sense not to invest anything outside of time in incorporating it into your business. That’s why you should try to sell it, even …read more