Before you launch your amazing product or service, make sure you have a winning idea and not a waste of time. Although there’s no business crystal ball that you can look in to determine if it will work out, you can use a very reliable system to determine if you should invest any more time, talent or resources to develop the idea further.
Answer the following questions to determine if you have a good business idea:
1. Does your idea have a mission or a vision? A good idea attracts and inspires people to want to rally around the greater cause. What is your ultimate goal? What motivates you to want to pursue this idea? Is it something you can stick with when times are tough? Because times will get tough. Your idea should be one that you are passionate enough about to work at making it happen at all cost.
2. Is there market for it? People spend money on products and services that solve problems for them. The problem needs to be a big enough issue that people care enough about to want it solved. Spend time researching your idea and market, see if it’s been done before and if anyone else has become successful at it.
Even if your idea is one that’s been done before, you should add an innovative twist that puts you above the competition. Dominos didn’t invent the pizza parlor and they weren’t the first to deliver pizza, but they did do it in 30 minutes or less.
When we launched my daughter’s nail polish line Superstar Nail Lacquer it took off quickly because the fast-drying formula solved the problem of the long-wait time for nails to dry. Paired with bright bold colors inspired by Fashion Week designs, the product instantly became a celebrity favorite. She took an already existing product, improved the formula and created an attractive marketing plan that set her apart from the competition and people took notice.
Source: Huffington Post | Stacia Pierce, Life coach, career expert and CEO, Ultimate Lifestyle Enterprises