Home – New Forums Starting your journey How do you know your idea is a good one?

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  • #991440
    Kelly Exeter FS Editor
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    Hey all. I’m writing/researching an article on this topic at the moment and I’m curious to know:

    What criteria do you guys use to determine whether an idea (say for a new business or a new product) is a good one?

    #1181563
    James Millar
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    The lean startup methodology is worth looking at. More of an iterative approach where a minimum viable product (MVP) is created and tested, market validated, refined, improved again. RATHER THAN conventional head off down a path with blinkers on only to find its a dud. This theory can be applied to non tech businesses as well.

    A good quote from their website which reflects their methodology

    “Too many startups begin with an idea for a product that they think people want. They then spend months, sometimes years, perfecting that product without ever showing the product, even in a very rudimentary form, to the prospective customer. When they fail to reach broad uptake from customers, it is often because they never spoke to prospective customers and determined whether or not the product was interesting. When customers ultimately communicate, through their indifference, that they don’t care about the idea, the startup fails.”

    Build. Measure. Learn.

    And my thoughts…don’t take feedback from family or friends or people that have compromised objectivity (or do not represent your market). Listen to dissenting views but filter out the naysayers.

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
    #1181564
    MyGreatIdea
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    Hi Kelly,

    I’m with James – market research first and foremost. And it can be as simple as three questions asked of random strangers in your target market.

    Second is pricing. Know your total cost and understand what the market will be prepared to pay (this from the market research).

    If those two factors pass the test then chances are you’re onto a winner.

    Wendy :)
    PS I actually cover this topic in my new ebook (link in signature). Happy to send you a copy if it will help :)

    #1181565
    Kelly Exeter FS Editor
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    I totally agree with this:

    And my thoughts…don’t take feedback from family or friends or people that have compromised objectivity (or do not represent your market). Listen to dissenting views but filter out the naysayers.

    I’ve also been reading a bit of Ramit Sethi recently and I am getting from him that he’s a little against the whole MVP idea because he thinks there is a lot of waster effort in ‘throwing lots of stuff against the wall and seeing what sticks’. He prefers to test ideas against the below schematic first because multi-passionate people tend to come up with ideas that fall in the bottom-left quadrant … where the botto-left quadrant = ‘love job’

    Thoughts?

    6waystomakemoneyonline-718x1024.jpg

    #1181566
    Kelly Exeter FS Editor
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    Couple It, post: 211807 wrote:
    I actually cover this topic in my new ebook (link in signature). Happy to send you a copy if it will help :)

    Hey Wendy – I’d love to read it and share some of your thoughts in the piece I am writing. I’d be more than happy to buy it though – do you have a link to buy the e-version handy?

    #1181567
    MyGreatIdea
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    Robert has a pdf version Kelly, and I’m happy for you to grab a copy from him :)

    I’m in the process of converting to Kindle over the weekend…it’s number 42 on my list of things that must be done lol

    Wendy :)

    #1181568
    Kelly Exeter FS Editor
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    Couple It, post: 211813 wrote:
    Robert has a pdf version Kelly, and I’m happy for you to grab a copy from him :)

    I’m in the process of converting to Kindle over the weekend…it’s number 42 on my list of things that must be done lol

    Wendy :)

    Awesome thank Wendy! Enjoying the converting to Kindle part of the process (been there!!)

    #1181569
    Dave Gillen – Former FS Concierge
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    Hi Kelly,

    All of my ideas are good. :)

    Robert’s recent interview with Roger La Salle talks about how to find better ideas (better opportunities) and is a must-listen if you haven’t already.
    https://soundcloud.com/flyingsoloau/49-is-observation-the-secret-to-success

    Good advice for finding (or navigating to) ideas that will have a bigger impact.

    Dave

    #1181570
    Kelly Exeter FS Editor
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    FS Forum Support, post: 211822 wrote:
    Hi Kelly,

    All of my ideas are good. :)

    Robert’s recent interview with Roger La Salle talks about how to find better ideas (better opportunities) and is a must-listen if you haven’t already.
    https://soundcloud.com/flyingsoloau/49-is-observation-the-secret-to-success

    Good advice for finding (or navigating to) ideas that will have a bigger impact.

    Dave

    haha I bet they are Dave!! And I am off to download that podcast now for my run tomorrow!

    #1181571
    Johny
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    I am currently reading a book and read the following comment-

    Someone once said to a friend that he had a great idea, but he was worried that someone might steal it. The friend replied that if his idea was the least bit original, he would have to fight to the death to get anyone to take any notice of it whatsoever.

    Think about all those famous rejections. Some truth in that.

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