Four Questions To Ask About An Idea
I was at lunch with a local successful entrepreneur today, and he shared these four questions to ask when figuring out whether or not an idea is worth pursuing. I thought they were really good, so sharing with the rest of the world:
- Is it commercially viable? ( somewhat obvious, but a good place to start )
- Is the time right? It might be a great idea, but the need must exist today or when you are set to release it, not five years from now. Unless of course you have scads of cash lying around.
- Is it defensible? Can you create enough obstacles to competitors such that you can carve out value for yourself and your company, and take home the lion’s share of the value you create?
- Can you get others to invest? At some point you will probably need outside capital. Is the idea one that you feel good about being able to raise money for?
What else would you add to the list?