Updated: 12 hours ago
Most people have ideas all the time. Ideas about problems to solve, ideas about gadgets and functions, ideas about business offerings. How do you deal with them?
First, there are tools to evaluate if an idea misses any elements. Use the interactive free idea evaluator to decide if an idea is good, or tough to implement.
To analyze an idea, follow this sequence.
Check if this idea is original. Sometimes, new is only because you do not know something already exist. So check. Just type a question into Google.
You will find, maybe you don't have any thing, or you have many search results. If there is nothing, then it means you are unique and/or early. You need to educate people about it. Or maybe it is a bad business idea. Maybe it is a tough poor business that no one wants to do it. If there are many players, you need to figure out how to differentiate. You can not be like others. They are already here, and they are not dumb.
Check industry and market inside information. If you don't have funds, just do google search thoroughly. Check if you could take shares from incumbents, or deter copy cats who play dirty.
Check your target audience, how you access them, and what value do you provide to them to the point they might consider paying you.
Estimate the daily balance sheet AFTER the business is in place.
Estimate the cost of starting the business.
More details can be found in another related blog.
Second, realize that there are many many ideas on earth. You don't need to treasure an idea so much - it is afterall not really yours until you DO it. Ideas don't matter, it is the execution that matters.
Third, you need to focus, no matter how imaginative, creative and hard working you are. An idea must be a business concept ... if you can not feed the organization that works on your dream, then your dream won't fly. It takes money to feed the do-good army. So you must focus on getting money. To get money, you must provide value - and value is something you need your full time, your entire life to fulfill.
An idea always has to be a secret until you make it happen.
The following are two videos discusses why one should focus.
Remember, the world is full. Business is full. If it looks like a vacuum, it is only a desert.
Ideas are a dime a dozen, even this great one of yours.
It is only after they start that people found their idea has been implemented years ago by others.
How to turn an idea into a better business concept?
Look at the idea hospital to see how to fix an idea.