May 22, 2013

Business Idea Evaluation

Business Idea Evaluation
There is no bad idea. That's the premise on which the order to always innovate. But when it came time to realize these ideas, then some questions will arise; Is This Really A Good Idea? Would it be worth the effort to realize this idea? And of course the following question: Could this idea potentially be a success?

Is This a Good Idea

After exploring several motivational website, I finally found the 2 major questions that can help us to assess an idea. Hopefully this can also help you in realizing ideas that have long been lodged in your brain.

Question #1: Who is Your Ideal Customer for this Idea? Describe it clearly.


Who is Your Ideal Customer for this Idea

This question leads directly to the target market. But it is not very effective if you just answer it with a sentence like: "the target market is everyone, between young-old and old-old Age ". I'm sorry, but that means you don't really understand what you're doing.

The answer to this question must be explained in detail and clearly. For example: Females aged 16-20, living in New York, likes to shop at Walmart, like cartoon T-shirts (probably also buy it via Walmart, for $ 5.00), use T-Mobile prepaid cell phone plans, quite familiar with the Internet, used to buy clothes online via sellers on Facebook and so on. And if possible, should be the target market is depicted in sketches on paper, or find some photos that support, by browsing on Facebook and Google.

The purpose of this question is to sharpen the product that will be generated from our ideas. Each product is always initiated from the most narrow and specific target market first (Niche Market).

Question #2: Are Your Prospective Customers willing to pay to use this product? Why?


Are Your Prospective Customers willing to pay

Once the target market is clearly defined, then the next thing is a question that relates to money. Every idea must need the money; if the money is not there then an idea will not last long. You got me mistaken if you thinking that the idea cannot be run without money (this is wrong, and usually just a lazy excuses).

If the answer is a 'Yes', then the number is also worth mentioning. After that Clarify about why prospective customers willing to pay for the product that you created. Of course the customer value obtained must be balanced with the money they pay.

Well, that's probably a little lesson that I have gained through my browsing activities some time ago. If you have other ways of assessing an idea, please share them in the comments section.

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