How to Evaluate Your Small Business Startup Ideas
We’ve talked before about the importance of watching and listening to find your business idea.
You should have a number of ideas after watching and listening. But ideas aren’t what you’re really after.
Your ideas must be fleshed out to find your small business startup idea.
You don’t need an idea. You need a great idea for you.
The difference between an idea and a great idea is huge. Ideas aren’t worth much. They’re “a dime a dozen.”
The first step in evaluating an idea is to determine if it’s a great idea for you. Does it match your passions and preferences? Does it fit your priorities? Is it consistent with your principles? Does it capitalize on your proficiencies?
A great idea is found at the point where these personal factors intersect.
You don’t need a great idea. You need a great opportunity.
A great small business startup idea isn’t enough. You can’t ignore market realities. You need to determine if this is a great opportunity.
So you need to find a place with potential customers. And you must be able to easily reach them. You don’t want too few if you want to build a company of any significance. You don’t want too many because it’s likely to invite competition.
If there is too much competition already there, you will likely struggle to gain a foothold. If there is no competition, it is likely a bad sign as well. Many may have already tried and failed.
A great opportunity is found where your personal factors fit in a place with the right amount of customers and competitors.
You need more than an opportunity. You need a great concept.
Once you’ve determined there is an opportunity, you need to develop a great concept.
What problems will you solve for your customers? What makes your solution unique? How does it capitalize on your competitor’s weak spots? How will you get the word out?
An important part of the process
One of the ways you can be more successful with this process is to constantly look for synthesis.
You will have component parts every step of the way. You get an idea. Then another related idea pops up.
It may happen almost simultaneously. Or it may occur hours, days, or even weeks apart.
If you consider them carefully, you will see these separate ideas form a cohesive whole. Your mind has synthesized them.
General ideas will now have a particular application. The ideas themselves are likely to be simple. The combination creates something complex. You will have to find a way to explain it simply but you may be onto something. Something that takes you to BIGG success!
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