1. Concept: Is it a good idea? Let’s start with the obvious. Not every idea is a good one and just because your mom thinks it’s great doesn’t mean it is. Too many of us suffer from the “if we build it, they will come” mentality which can be equally tempting and dangerous. Just because you are obsessed with your dogs and think the world is clamoring for the introduction of canine teeth whitening pens doesn’t mean it will be a hit. It’s easy for something to seem like a great idea initially but several key questions should be asked to help determine whether the idea is truly solid:
- Is there a need? How significant is the need?
- How much competition currently exists in this space?
- How large is your potential customer base?
- Do you have a unique ability to provide this product/service?
- Do you have experience/passion in this area?
- Are there trends in the marketplace/industry that might make my produce/service more or less attractive going forward?