Business
10 Signs Your Idea For A Business Is Worth Pursuing
How can you tell if your idea for a business is worth pursuing? Here are 10 signs to look for.
1. It’s unique
It might seem obvious, but if no one else is doing what your business proposes to do, you could have a good idea on your hands.
2. Re-invented
Not every great business idea needs to be one-of-a-kind; some successful businesses are based on an old idea, re-imagined.
3. It solves a problem
Your business idea doesn’t have to be funny to be successful. Many businesses find success by doing something very straight-forward: solving other people’s problems.
4. It should attract investors
For those who are at least mildly tech-savvy and unafraid of putting their ideas out there for others to judge, there’s an easy way to test any business concept— run a crowdfunding campaign.
5. It fills a niche
If your idea for a business solves a very specific problem— one that only a select group of people need solved— you might be onto something big.
6. Good appraisal
People you don’t know say it’s a good idea. One simple way to find out if your business idea is worth pursuing is to ask people — specifically, people you don’t know — whether they think it’s a good idea.
7. It does well in the market
If you don’t know five people you can trust to give you an honest opinion, you may want to try a different strategy. Many entrepreneurs test their new ideas at trade shows or consumer shows.
8. It’s easy to understand
This next strategy for testing your business idea needs little explanation: if your idea is easy to understand, chances are it’s more likely to succeed with prospective customers or investors.
9. You believe in your product
But when you’re determining whether or not to pursue your idea for a new business, you’ll need to use more than your head. You’ll also have to use your heart.
10. Everybody on your team agrees that it’s a good idea
Find a trustworthy person who does not agree with your idea and find out why before you go ahead with it. If they are able to talk you out of it, it probably wasn’t worth acting on.
