You probably already know that ideas are a dime a dozen. What sets successful ideas apart from unsuccessful ones can, sometimes be the quality of execution.
That is mostly true. However, the ideas you choose really matter too. Perfectly executing a business that install land lines in 2015 would fail woefully.
The question then is, what is the best way to evaluate ideas to see if the have great potential and they fit you.
Simple, answer these 9 questions:
-
Demand ;
Is it something people want?
-
Competition ;
Who else is doing it? Are they successful?
-
Care ;
How much personal interest do you have in this topic?
-
Expertise ;
How much do you know about this topic?
-
Specificity ;
How broad or narrow will your lens on this topic be?
-
Differentiation ;
How will you differentiate yourself from others in this market?
-
Likability of Customers ;
Do you like them now? Will you like them later?
-
Can/Will They Pay ;
Do they have money and will they pay you to solve this problem you’re helping them with?
-
Lifestyle ;
If this became successful, what would your life look like? Would this be a 200 person company? A single laptop on a beach? Does that fit with your personal goals?
