The determining factor in a starter’s success isn’t age; it often depends on the strength of their ideas. If you take this training this far, you probably have an idea for your start-up, but it may be good or bad.
Here are four ways to determine if your idea is good or bad.
1. They Solve A Problem:
Often, entrepreneurs create a product that is a solution in search of a problem. Your ideas are only as strong as the problems they solve. The best problems to solve are built around three elements:
i)Necessity: Search for problems that people need to solve. That will make your good or service a “must-have,” not a “nice-to-have.”
ii)Pain: The problem may be physical, emotional, even financial pain, If your idea can relieve significant pain in the life of your customers then it is a good one to solve.
iii)Urgency: If there is a time component involved, the power of your idea can be amplified. The latter isn’t nearly as urgent as the former.
2. They Scratch Your Own Itch:
Working to solve someone else’s problem is never the best choice. You have a better outlook and a greater chance of success if you align your personal interests and life with your business ideas. Make sure the idea fits with your lifestyle.
3. They Are Timed Right:
A great idea launched at an inopportune time is a bad idea. Timing is about more than just time. It’s not just when your idea occurs, but what is happening in the world, in your industry, and in the marketplace.
4. They Are Scalable:
A bad idea is one that allows you to make money only if you have more time, so it is wholly dependent on you. The best idea is one that can be scaled so that the entrepreneur can make more money while investing less time.
In the end, An idea can be good, but only you can make it irresistible.