According to Helmrich (2016) you can ask the following questions to help understand if the idea can be used as a basis to establish a business:
- Does your idea solve a problem?
- Will people pay for it?
- What’s your price point?
- Is there a sizable niche market for it?
- Are you passionate enough about it?
- Have you tested your idea?
- Are you open to advice?
- How will you market your business?
- Are you being realistic about your goals?
- Can you explain your idea in the simplest terms?
You may find that the idea is viable but you may not have the time and resources to move forward. You may have options here to license your idea to others or partner with someone to monetize your idea.
Finally, you may be one of those that finds out that your idea will not work as a business, in your case you may have several options including researching your idea further and possibly getting feedback from others to help fine tune your idea. One of StartUp Fayette’s goals is to provide a place for entrepreneurs to get feedback on business ideas. So at the next gathering, share an idea and see what others think.
Dr. Luis Matta is president of The Matta Group Inc., adjunct professor at Strayer University in Columbus, Ga. and an author with articles published in The Refractive Thinker. Luis is a board member of the Fayette County Development Authority, chairs the Fayette Visioning Economy committee and serves on the StartUp Fayette committee.