I have a lot of ideas. I started to write them all down. Some seemed great when I think of it, but then later on they look silly.
I want to evaluate all my ideas, then narrow it down to one and focus on it.
So what criteria do you guys use to evaluate a business idea?
Some of the factors that are important to me:
- Demand. Is there a market for this?
- Feasibility. A lot of my ideas are inventions which requires patents, manufacturing.
- Scalalbe. I make decent money in my job. I want something that has potential to make millions.
- Location independence.
- Unique advantage. Whether is my personal talent or training such as artistic ability, or my specific network of contacts, I have an unique advantage that others cannot easily replicate or compete with my idea.
- Fun - Given all else equal, would you rather make money traveling and hanging out with supermodels or be stuck in a cubical 12 hours in a roll.
Any other factors to consider?
I want to evaluate all my ideas, then narrow it down to one and focus on it.
So what criteria do you guys use to evaluate a business idea?
Some of the factors that are important to me:
- Demand. Is there a market for this?
- Feasibility. A lot of my ideas are inventions which requires patents, manufacturing.
- Scalalbe. I make decent money in my job. I want something that has potential to make millions.
- Location independence.
- Unique advantage. Whether is my personal talent or training such as artistic ability, or my specific network of contacts, I have an unique advantage that others cannot easily replicate or compete with my idea.
- Fun - Given all else equal, would you rather make money traveling and hanging out with supermodels or be stuck in a cubical 12 hours in a roll.
Any other factors to consider?