Most entrepreneurs have minds that are always brimming with ideas. Whether it’s for answering questions, coming up with proposals, or thinking about a new venture – entrepreneurs can come up with a collection of ideas for it.
The question then becomes: which ideas should be followed and which ones should be stored for later?
Answering these questions can help validate ideas and answer the Yay or Nay question.
Does the idea answer a need or a want?
If the idea was born out of a problem or issue you would like to address, think about whether your idea will answer a need or a want. A good idea is one that answers both a need and a want in the market. Otherwise, consider who your target market will be and whether they will actually take interest and buy your idea or not.
How is your idea different from others?
Think about how your idea competes with others like it in the market. Do you have any known competitors? What makes your idea stand out from the rest? But if it stands out too much and comes unprecedented, why? It could be that you are treading on unchartered territory or that others have tried it before and failed. Consider the answer to these questions and do your research to determine the true viability of your idea.
What do others think about it?
Ask for feedback (but make sure to get it from trustworthy people – prepare confidentiality agreements to protect your idea) and test it out before making any commitments or investments. Approach trusted advisors, consultants, and even family and friends who can provide honest feedback and offer realistic suggestions on how to make the idea better or more marketable.
Having a great idea is not enough to take huge risks. The more research you do into your idea, the more confident you will be that you are moving in the right direction. Don’t be impulsive at this stage because your patience will surely pay off and you’ll be rewarded come development stage.
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