How do you know you have a good idea?

[GD]

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I’m Interested to know how you went about confirming you had a good idea before launching your business. What were the challenges?

Thanks
Rob

[MissSassy]

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Talk with friends, family or a trusted mentor. If you want an unbiased opinion it may be worth having a session with a business adviser.

Talking to a business adviser/mentor/coach can help you to brainstorm through any questions you may have and help you on the path to achieving your goals.

[mr_plow]

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Your answer is in the book below, which essentially describes a systematic approach to starting a business based upon validation each assumption behind your business model…

http://www.amazon.com/The-Lean-Startup-Entrepreneurs-Continuous/dp/0307887898

Don’t worry only takes a couple of days to read.

Al

[Dave Gillen – Former FS Concierge]

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GD, post: 190701 wrote:

I’m Interested to know how you went about confirming you had a good idea before launching your business. What were the challenges?

Thanks
Rob

Rob,

You know it’s a good idea when people start paying you for your product or service. Before that point you are always guessing.

So do whatever it takes to get to that point ASAP. Then you’ll know, and can continue full steam ahead.

Good luck!

Dave

Dave Gillen | LinkedIn

[GD]

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FS Forum Support, post: 190757 wrote:

Rob,

You know it’s a good idea when people start paying you for your product or service. Before that point you are always guessing.

So do whatever it takes to get to that point ASAP. Then you’ll know, and can continue full steam ahead.

Good luck!

Dave

Thanks Dave, wondering, did you do any prototyping to ensure you were on the right track? Rob

[Stuart B]

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I spoke to as many people as possible, (definitely not just friends who will hold back objections to spare your feelings) and ask them to be as brutal as possible, and find any objection or problem they can think of.

When you get to the point where you can easily overcome all problems and objections and still make money then you’re onto something.

[vhit]

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I think what some consider a ‘good idea’ is not necessarily a good way of making money. To me a good idea is an efficient way of making money.

I use evidence to try to find efficient ways of making money. Then I start slowly to test a product/business idea. Always trying to reduce risk.

[Tony Manto]

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A good idea, is when you identify a gap in the market. That is there is demand for your idea, but you have a way of delivering it better, faster or cheaper than you competitor.

If each business competitor needs to generate $100,000 as an example and there are 10, then the market segment is potently $1,000,000.

Don’t ever think you are going to get the whole marker, but you might work on 1 to 2% as an example to work out what is the potential.

This is just a very simple formula to work out the potential.

[Divert To Mobile]

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Hi Rob,

A combination of what Dave Gillen said, and prepare a business plan to determine feasibility.

Steve

[happyez]

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Try this, that won’t cost you money…

I’d say, the first thing you will want to do is think who will buy it, and how much of the market you will really have

Then have three kick-arse USPs about it, with your users in mind. The best you can think of. If it is a real stretch to state what is it at this moment, then the degree of difficulty will extend.
Always think of the product as how it will help the users

Then go internet querying:
• who else is doing the same as you
• if they are, what are their offerings and what is their market/set of users
Once you know you are in a league of your own, think about the product/service, and the sales possibilities.

If your idea survives or gets better after these two, then take it further

Do a SWOT analysis, and any questions you have, just internet google it. Rate each entry and think about how you can overcome it or overturn it to your advantage.

It won’t be the final SWOT you do, but it will give you a good start.
I’d also watch Dragon’s Den on Youtube, and imagine you are the one talking to these guys. The questions they ask will be ones you can imagine others would ask of you.
Then rate your chances.

It is about sales, and how you can fulfil them, and what you need to learn or do to increase your chances of sales.

The others suggestions are great as well.

There you go
Eric

[Author]

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