Kekich Credo #69 - The best way to have good ideas is to have lots of ideas. But there is no such thing as a good idea unless it is developed and utilized. Ditto for prospects.
What makes an idea a good idea? A good idea must be somewhat different from whatever
the new idea is attempting to replace. It must offer some degree of improvement.
How can you tell if something is a good idea? If no one else is doing what you are proposing to do, you could have a good idea on your hands. Not every great idea needs to be one-of-a-kind. Some successful ventures are based on an old idea that has been re-imagined. If you see a problem which others don’t see and you know how to market the problem and the solution to that problem you likely have a good idea.
If your idea is fundable. That is if you can raise money then you know there is a demand for your product or service or, at least, interest in it. If it fills a niche. You might be onto something big if your idea solves a very specific problem that only a select group of people need solved. By tapping into a specific demographic, one can often find an untapped market for even the most out-of-the-ordinary idea.
One way to find out if your idea is worth pursuing is to ask people whether they think it’s a good idea. Contact friends of friends to get impartial opinions about your product or service. Create an online survey or one on paper and ask a range of people to participate, from coffee shop patrons to those you meet on the street.
Some entrepreneurs advise others not to bother asking people you know what they think of your idea. If these people are afraid of you or too nice to tell you when your idea is off the wall, they really can’t be trusted. But find five people you know and trust and use them as a sounding board. Listen to their feedback and find out how your idea would best fit their needs. If all five that you ask rave about your idea and help you expand it with their feedback, it is a pretty good indication that the idea is worth pursuing further.
Another way to test a new idea is to see how well it does at trade or consumer shows. These exhibitions are designed for a specific industry and attract prospective customers who can give you valuable feedback about your product or service. It is also a good way to research the needs of the customers you are targeting.
If your idea is easy to understand, it is more likely to succeed with prospective customers or investors. Being able to answer questions about what your idea does and why it exists in the first place is a good indication that it might be a good idea. Make sure your explanation simply makes sense.
The final question you need to answer to determine if your idea is a good one or not, is, “Is your heart in it?” Do you feel so passionately about this idea that you would do it for free? You can have a good head for business and the plan to make it happen, but you have to have the heart to make sure it is successful.
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