The owner of a small and innovative business came to me with a new business idea. He wanted to know whether it would stand up in his market. Instead of spending hours discussing his brilliant new idea I gave him a tool that he could use to assess the commercial potential of his idea. Since then he has done well with the new media service he developed and introduced.
A second entrepreneur who had success with an online business called me to discuss an idea for a new business on the Internet. Rather than debate the various strengths and weaknesses of his idea, I emailed him a tool to evaluate his idea. A few days later he called to say that he didn’t believe his new business idea in the health field was viable. He decided to move on and come up with a new business idea.
What was it about this new business idea evaluation tool that was able to help these and other entrepreneurs make up their minds? Continue reading “How do I know if my idea is viable?”