Last updated on May 22nd, 2021. Posted in Finding Profitable Ideas.
As an entrepreneur and business owner, how can you know if your business idea is any good? What happens most often is, we come upon an idea for a business, product, or service...and very quickly we think we've found buried treasure...
Here are links and resources mentioned in today's video. Enjoy!
...we think we've happened upon something rare and precious that needs to be kept secret and kept safe. Otherwise, other people might steal our idea, right? And usually what happens next is, painstakingly over the next 7, 8, 9 months, we carefully develop it into a product that's completely perfected, right?
But here's the problem...and we've gotta go all the way back to the beginning here: That original idea's value -- whether we think it's a good idea or not -- is based on a hunch. It's based on our own opinion and our own "best guess," isn't it?
And understanding that the whole thing is all based on a hunch or a "best guess"...now how does spending the next 7, 8, 9 months on it seem? Kinda crazy, right? Hunches and guesses are for horse-betting and poker night. For your business, you need hard facts. Reliable data.
So when you discover some "magical big idea" for a business or a product, the first thing you want to ask is, "are there any problems with this idea?" What you really want to do is jab it with sharp sticks, start bashing on it, and seeing if it'll hold up.
...cuz the last thing you wanna do is pursue an idea and put all kinds of time, effort, and money into something that isn't gonna work. I've been there and it sucks!
I hope this helps get your wheels turning. I'm not saying any given idea you have is good or not...because I honestly don't know...and honestly, neither do you.
So...is there a demand for something like this? Are people willing to trade their money for a service or a product like this? There could be a rabid group of people willing to pay for what you have in mind...or maybe there isn't. Only solid research can answer that.