10 ways to Evaluate your Business Idea

 

Evaluating your idea helps you know whether you should go ahead with it or not. It helps in clearing ambiguity in the mind regarding the idea. It will help identify areas of strength and concern and provide insight into your market, competitors, startup costs, sales and financing to help you make an educated decision about moving forward. These questions would help you in brainstorming and help in evaluate your idea.

  1. Does it solve a problem?
  2. Do people value it?
  3. What are the advantages and risks involved with idea?
  4. What are the difficulties with implementing the idea?
  5. Is your idea an original, new concept, or is it a new combination or adaptation?
  6. What are the short term and long term gains, financially as well as to the society?
  7. If your idea is already prevalent who all can be your competition?
  8. Can you get the idea funded?
  9. Will people invest?
  10. Does your idea provide any of the following impact
  • Save money?
  • Improve quality?
  • Make things or process better?
  • Improve convenience?
  • Provide entertainment?

These are questions you should ask yourself before starting a business. Though all may not be valid for each type of business but would be suitable for maximum cases

Be the first to comment

Leave a Reply