1. You’re solving a problem
If your idea solves a problem commonly faced by your family, friends, relatives and other acquaintances, chances are your idea might help others as well. So start with people in your surroundings. If you can help them, you can help the strangers as well. And lastly, do take opinions from strangers about the product or services you offer because your family won’t always be honest with their opinion.
2. It is Unique
Why should people come to you while they have other resources available? What is it that you offer that no one else does? These questions will tell you how unique is your idea. If your idea is to create another Facebook, you really need to reconsider. Think of features which Facebook doesn’t have which you can provide. Only then your idea is praiseworthy.
3. It’s Realistic
“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” ~ William Arthur Ward
You are not building a space rocket or a time machine. Your idea should be practically possible and economically feasible at the same time. Be realistic with your ideas and approach. Do not make false promises to anyone, especially yourself. You should completely understand the complications associated with your product and offer the deals accordingly. Always have room for mistakes in your time frame while taking a deal because no one likes delays. Listen to your Gut, but not at the cost of your Head.
4. Is it already present in the market?
“There is nothing so absurd that some philosopher has not already said it.” ~ Marcus Tullius Cicero
If you are thinking of something no one has ever done before, think again!! The reasons why no one has ever done it before are the ones which you might also have to face when you do it. Do a thorough research and find out why wasn’t this idea implemented earlier or if it was, why couldn’t it flourish? Learn from the mistakes of the people who tried this and failed. Think of ways you can work out those problems and only then step into the market.
5. Keep it simple!
“If you can’t explain it to a six year old, you don’t understand it yourself.” ~ Albert Einstein
I hope this article helps all the young entrepreneurs and start-ups to analyze their business ideas.