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

spirit-427788_1280

One step frequently overlooked

An insightful article on how to evaluate new business ideas posted in the
AIIP forum.

Two stories came to mind

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…

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.

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
And after a yearlong struggle with the idea, frustration triggered a poor decision.

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

Break it down quickly and accuratelysketch-457719_1280 (1)

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

Which of the 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?

Source

https://articles.bplans.com/business-ideas/good-ideas-for-business/

 

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