055: Is My Business Idea Good [Podcast]

How do I know if my business idea is winner or a loser? Whether developing a new product, service, or entire business, we all wonder if it is a hit or a miss. And we should! The question is often answered with long and detailed product and market analysis. Larger companies may take months or even years to get an answer. But we can do this much faster by addressing 5 simple issues.

Photo courtesy of Flickr/Creative Commons/Ramunas Geciauskas [/featured-image]

In todays episode I will provide a few short questions that you can quickly determine if you have a winner or a loser.

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Five Questions to Determine – Is My Business Idea Good?

• Competition – Are other people selling similar products?
• Questions – Are people asking questions that your products and services answer?
• Books – Are there books or other information sources that address the problem you are solving?
• Buyers – Are there enough buyers for your product? How many potential buyers?
• Profit – You can deliver at a profit?

But, even if your initial idea becomes a loser after your analysis, think about how you might change it to make it a winner. You might be able to  change the buyers, the offering, or the packaging to make it something that works. More on that in a later podcast.

Episode Resources

• Discovering the Entrepreneur in You
• Why You Need to Start Your Own Business Now – Where the model of making 25% of your income from a business is discussed.
• How to Tell if Your Idea is a True Opportunity
• Information Engineering and Management Graduate Program
• Daxko – Providing software services to the YMCA market

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[reminder]What ideas have you had that flopped? I have had many! [/reminder]