August 7, 2007
New business, good or bad idea?
Many business people come up ideas, many of these are good but not viable, but very occasionally there is the one which could become the next big thing. So how do you know which one to choose? Both are viable, yet one will make more money and survive longer than the other.
Obviously the there are factors that can be worked out, but it is still very difficult to know. Below are some pointers that can help guide the entrepreneur through the decision process.
The criteria for a start up:
Does the idea solve a real customer need?
Is the idea a behaviour changing idea or a behaviour enhancing idea?
Does the idea generate revenue at its core and can the business be profitable?
Is there a market for the idea, is it big enough and is it sustainable?
Are there significant barriers to entry?
How strong is the competition?
Are there any potential regulatory hurdles?
Do you or your co-founders have the domain expertise?
Is the idea venture fundable?
Is it a one trick pony?
Source [Ruminater]
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