· How do you know if a business idea is good?
·
What steps can you take to come up with a big idea?
There are a lot of good ideas out there. It's obvious that your business
idea should be good. But, the tricky part is being able to recognize when an
idea is actually worth pursuing. Some ideas might seem bad or just okay
at first, but they could actually develop into a great idea. On the other hand,
an idea that seems amazing initially, might not turn out to be feasible as time
goes by.
There
are ways to identify good ideas and its likelihood of success.
1st Step: Reflect on yourself:
What are your skills?
It's easier to find the feasibility
of an idea that falls into your existing
skillset or expertise. So you need to identify the skillset you have acquired
or are innate to you.
Think: - Specific skills you have .
Eg: You can easily translate two languages.
- Broader skills you have. Eg: You are a
great marketing manager.
What are you passionate about?
You need to find an idea that
you’re passionate about as this passion will help you weather tough time as you
start your business. You’ll also be able to stick with the idea for long term.
2nd
step: Look outward:
After you’ve looked inward, look
outward. Study the world around you - your job, daily life, hobbies, etc. what
problems do you encounter that aren’t currently being solved? For example, an
area which doesn’t have a good coffee shop.
After identifying the problem,
think about how your skills can be used to solve the problem and how you can
add more value.
A good
idea should revolve around:
- What you’re knowledgeable about
- What you care about
- What solves a real problem
- Don’t
worry about having a perfect idea at this point of time. You don’t need
to have your entire business plan and all variables figured out. Right now,
you’re just evaluating if your ideas are feasible or if the idea should be
downgraded from “good” to “ not worth my time”.
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