How to differentiate good and bad business ideas

Dear Hustle,

What separates a good business idea from a not-so-great one?

Nina Wanja.

Dear Nina,

Does your idea keep you awake at night?

About three decades ago, I opened a cafeteria shop. The business did well. The profits were trickling in. But I sold it.

I wanted to run a business that would keep me going to work every day – profits or no profits, and excited about new innovative ways I could raise more revenue. I believe that for businesses to thrive and achieve success the proprietor has to be passionate about the service it will render to clients.

Then, I was working in the corporate world and had discovered that the middle to high income earners did not have hair and beauty parlours that matched their interests. And so my business idea was born. I also loved making and taking care of hair. And 23 years later, we are here.  

2017, was a bad year for us because of politics. If it wasn’t for the passion I have for the business, we would have closed down.

So if your business idea doesn’t inspire intense passion and love, don’t do it.

Terry Mungai, founder of Ashleys Kenya Ltd.