We believe that an entrepreneur, a real one, is constantly looking around for new product ideas or services that can make their self-employment worth its while. Some of the ideas you come up with seem like shiny stuff at first but could turn out to be terrible ideas while others might seem modest but turn out to be your ultimate jackpot. So how to know if you’re idea is great and worth your time and money?
Here’s our 5-points check-list you can use every time you have one of those crazy entrepreneurial ideas:
1- Why is your new idea amazing
To succeed in your entrepreneurial endeavor you must define your new idea’s emotional value. Why is this idea amazing? It’s important to believe in your idea before you ask others to do so.
At DEERasa, we believe that passionate entrepreneurs need to have an awesome business plan to help them succeed and attract investment.
2- Who are you trying to take care of?
Identifying your audience is a key indicator of how great your idea is. Who are the people who will be using your product or service? What their life is like? What problems they have? And which of them you want to solve?
3- Describe your new business in one sentence
What does the new company stand for? This should be fairly easy to think of now that you have answered the motive and audience questions.
4- How is your audience’s world changed after they start using your product or service?
Thanks to your amazing idea the life of those who use your product/service has changed. Try to imagine how, then list the benefits your company provides.
5- Can you monetize your idea?
The most important question you should ask before you pursue any idea is whether you can monetize it to make profit.
Start talking to people
When you’re done with answering the questions in our check-list; start talking to people. It was the first we did before we officially launched DEERasa. We consulted with potential users and experts and really benefited from their input in building DEERasa software.
Don’t be afraid that your idea will be stolen. Only you have the vision and the stamina to go through with it. The more you talk to people about it, the better it gets as you hear yourself loudly and clearly and get feedback from stakeholders and experts.
You might end up changing something about your idea or scratching it out altogether but most importantly, you won’t be wasting your money and time pursuing the wrong idea.