How Do You Know If You Have a Good Idea for a Business?

One step is frequently overlooked when evaluating a new business idea…
Source AIIP forum

And I thought of two stories …

An injured man fished out of the sea does not know his education, skills, or abilities. He suffers from complete memory loss. One day, the boat captain suddenly tosses him a pistol. And the mystery man catches the throw with lightning speed. He obeys a sharp command.

“Break it down!”

Within seconds, the weapon is disassembled and lying on the table in small pieces.
And the amnesiac, [Jason Bourne], stares in amazement at what he has just done…
A memorable scene that underscores even brain trauma may not disguise innate ability.
Note: The scene above appears in the original TV movie version before the Matt Damon films.

And then there’s the real-life tale of the candy maker, Clarence Crane, who came up with a new business idea for his company but sold the formula for $2900.
The formula for Lifesavers…ouch.

It’s probably one of the costliest blunders ever made by a solo entrepreneur.

Crane had a good track record in the chocolate candy business, but marketing and manufacturing issues for the new product blindsided the businessman. After a yearlong struggle with the new idea, frustration triggered a poor business decision.

So, I would add that before evaluating any new idea, identify your blind side.
Focus solely on evaluating the skills and abilities needed to make a particular idea take off…

Break it down quickly and accurately

1. List the required daily activities
2. List skill sets and aptitudes for each item on the list.

Which skills or abilities do you lack or tend not to be stronger in?
Will you want to use those skills and engage in the activities on your list?
Will you enjoy using those skills or talents?
Are there skills on the list that you need to learn or improve?