How to know if you have a good business Idea

1.      There is no market for ideas until it’s embodied in to a product.

An Idea is worth nothing and there is no market for ideas, no one will trust an idea until you embody it into a product which you use to grow a customer base. There is one problem I see in many entrepreneurs, they get so obsessed with their killer idea, thinking that it is going to change the world and they will go home rich. Others go the extend of getting patents of their ideas, I do not intend to mislead you when it comes to protecting your idea all I would say is that you should stop focusing too much on your idea but work on implementation or quantifying success of your solution, plans, key metrics, patents and implementation.  Your idea is just one percent of the entrepreneurship journey what matters most is the ability to have a team with the hunger, desire and determination to execute the idea. As an entrepreneur or lead founder, it’s also important to have the ability to have or find good ideas. Companies that have succeed started on the left with one small idea and in the long run ended up on the right with new ideas, you should have the ability to change direction, pivot your ideas into something that your customers are willing to buy.  Innovate or you will die.

2.      Good Ideas are measured by value to the user and money making Potential.

Good ideas can only be measured by their value to the user and money making potential. Get out of the office or your drawing board, sometimes we call it dream land, it’s a place where you have made hypothesis or assumptions of what you think customers might need. It’s time to validate your customers needs, are you solving their pain problem and what matters most to them, it’s important to get your facts right to avoid wasted efforts trying to solve a shitty little problem or building something no one wants to buy. Do your homework, get going, build your first minimum viable product, ship to your target customers, you can charge or offer free samples/trials but if you could charge from day one it would proof that you have a good idea. Make mistakes out there, be fearless, don’t be afraid of criticism or rejection from your target customers, it’s always the best way to learn through trial and error. Customers feedback is enough to test the viability of your idea, it’s able to tell an entrepreneur about customers problem and if your product makes their pain go away. Life is too short to spend or build something that does not solve anyone’s problem or grow into something bigger than you.

3.      Good ideas are simple to understand that makes it easy for customers to adopt.

A Good idea is simple to understand. “Simplicity is the ultimate of sophistication”- Leonardo da Vinci. As much you are providing the start of art technology or you are the first to introduce a new product in the market, it must be simple for your customers to understand, we will always deal with what we relate to. It’s the task of an entrepreneur to deeply understand the problem they intend to solve and come up with a simple solution that is easy to understand, install and use, this will increase the acceptance and adoption rate of your idea. Look at Apple their products do not have manual but once it’s plugged in anyone can use from six year Kid to a seventy year old grand papa.

4.      How passionate or obsessed with the Idea are you?

One needs to be obsessed, passionate and slightly crazy about the idea in order to bring it in existence. You have to be stupid or crazy enough to believe that is the only way to make the world better. If one does not feel any attachment or obsession to the idea it’s time to rethink whether to pursue or let it go. An entrepreneur is a rebel, a misfit or the crazy one who is trying to build a business out of nothing; it’s the deep passion about the thing you want to create or change that will wake up early in the morning to make it work.