How To Find Out If It’s A Good Business Idea
Save your time, energy and money by asking yourself a few questions before jumping into a new venture. Here's how to find out if it's a good business idea.
The Good, The Bad, and The Ugly of Having Business Ideas
Ideas are very elusive.
They fly around and just run by your mind like a floating ribbon during the most random times.
You can be going for a jog and something just strikes you as a brilliant idea, but when your pulse goes down, you can't quite remember too much of the details - or you may think it's not worth the time.
Ideas come and go, and everyone gets them. But how can you tell if its worth the while to get started?
And if you did get started, how do you tell if you're headed in the right direction?
Some ideas are brilliant and can change your life and those of others, some can be expensive, and some just isn't worth the while.
I've invested in all 3.
And let me tell you that when you find and act on the brilliant ones - it's all worth it.
The following is how to find out if it's a good business idea by some ideas from the book Positioning by Jack Trout and Al Ries.
3 Questions To Find Out If It's A Good Business Idea
As an entrepreneur, I've always wanted to create a lifestyle for myself and develop the kind of product or service that can get me there.
But over the years, this lifestyle never came easily, I would get some good days and some bad.
And realized, short term gain has the least return. It's all about longevity.
After many trial and error asking these 3 questions allowed me to focus on the business ideas that mattered, because it's not just my idea...it's an idea many people have!
Ideas are the gifts of your personal creativity. Taking action on them is how you unwrap them! - Manny Garavito
Is there an emotion behind the solution?
When it comes to emotion, it is second to none as being the most powerful drug for a human.
It's addictive, it's terrifying, it causes anxiety, joy, and euphoria.
A cocktail of chemicals that drive us to action.
And when there is a solution tied to a wanted or unwanted emotional state, you are onto something.
We as business people must focus on one thing, and one thing only - solving problems.
Are people pro-actively seeking a solution?
The answer to this will cut your advertising dollars significantly.
Because people are already looking for you - so you meet them halfway.
Overall, this question just makes it easier for you to meet your customers halfway and makes your messaging easier to disperse to them.
Are there little or no options to choose from?
Here is where it gets tricky.
If there is already a smart business doing what you're doing, and they do it well; to go in the market and trying to compete will divert your business objectives at the mercy of the size of that particular business.
You will have to go against the grain or shall I say the pain of getting your business out there.
If there is a different way of doing this particular business, then you may be onto something.
If you decide to stay in the industry, create a new category for it and be the first to do it.
Watch the video above and let me know how you manage to get your business idea on the right track in the comments below.
