6 Ways to Gauge If Your Business Idea Is a Good One
I have always been asked, "How do you know that a business idea is a good one?" Tough question no doubt! On face value, you can never know if an idea is a good one unless you subject it to tests and it satisfies very clear parameters.
If it comes out positive on these parameters, you can then begin to believe that you have a good idea.
Many small business owners are at times too careless to subject their business ideas to these tests first before implementing them.
Many as a result end up failing mainly because of their own negligence.
As an entrepreneur, it is in your own best interest to always gauge any business idea that comes to you with these six simple questions.
01.
Will it work? Business ideas are meant to solve human problems.
If the idea you have can solve the problem you have identified, that means it works and is therefore a good idea.
Any idea which is incapable of solving any known business problem can never be a good business idea.
Such ideas should be quickly discarded in search of better ideas.
02.
Is it cost-effective? If the benefits derivable from using the idea far outweigh the cost of implementing it, it is a good idea.
Keeping costs down and sales up is always very beneficial for the bottom-line of any business.
Only good business ideas help to keep that relationship going.
03.
Is it user-friendly? The average human being avoids complications as much as practicable.
If an idea promises to be user-friendly and easy to implement, it is a good idea.
Nobody wants to do things the hard way when there is an alternative which is easier.
04.
Is it better than what already exists? If an idea solves a human problem better than what people already know, it will generate interest and patronage.
That makes it a good idea worth checking out.
05.
Is it worth the time and energy which will be invested in it? If an idea can yield benefits which far outweigh the time and energy efforts put in, it is a good idea.
Any idea which largely leads to waste of time and energy can not be a good idea.
06.
Is the timing right? Any idea which conforms to the trends is a good idea.
You must look at trends and find out if your idea is in tune with the trends.
As is taught in small business and entrepreneurship classes, you can not use a 19th century idea to solve a 21st century problem.
That is because of timing as related to ever-changing trends.
If the answers you have for all these questions are positive and in the affirmative, your business idea is a good one.
These answers provide the proof that your idea is good and worth exploring further by way of implementation.
Any idea capable of delivering perceived values is a very good idea.
These are the kind of ideas any smart business owner must think up all the time as a matter of routine.
If it comes out positive on these parameters, you can then begin to believe that you have a good idea.
Many small business owners are at times too careless to subject their business ideas to these tests first before implementing them.
Many as a result end up failing mainly because of their own negligence.
As an entrepreneur, it is in your own best interest to always gauge any business idea that comes to you with these six simple questions.
01.
Will it work? Business ideas are meant to solve human problems.
If the idea you have can solve the problem you have identified, that means it works and is therefore a good idea.
Any idea which is incapable of solving any known business problem can never be a good business idea.
Such ideas should be quickly discarded in search of better ideas.
02.
Is it cost-effective? If the benefits derivable from using the idea far outweigh the cost of implementing it, it is a good idea.
Keeping costs down and sales up is always very beneficial for the bottom-line of any business.
Only good business ideas help to keep that relationship going.
03.
Is it user-friendly? The average human being avoids complications as much as practicable.
If an idea promises to be user-friendly and easy to implement, it is a good idea.
Nobody wants to do things the hard way when there is an alternative which is easier.
04.
Is it better than what already exists? If an idea solves a human problem better than what people already know, it will generate interest and patronage.
That makes it a good idea worth checking out.
05.
Is it worth the time and energy which will be invested in it? If an idea can yield benefits which far outweigh the time and energy efforts put in, it is a good idea.
Any idea which largely leads to waste of time and energy can not be a good idea.
06.
Is the timing right? Any idea which conforms to the trends is a good idea.
You must look at trends and find out if your idea is in tune with the trends.
As is taught in small business and entrepreneurship classes, you can not use a 19th century idea to solve a 21st century problem.
That is because of timing as related to ever-changing trends.
If the answers you have for all these questions are positive and in the affirmative, your business idea is a good one.
These answers provide the proof that your idea is good and worth exploring further by way of implementation.
Any idea capable of delivering perceived values is a very good idea.
These are the kind of ideas any smart business owner must think up all the time as a matter of routine.
