Thursday, September 1, 2011

How do you test whether you have a good idea?

  • You will need to determine whether or not there is a market for your service or product.
  • You may be able to identify a need but it will only be a market if someone is willing to pay you for your product or service.
  • Who are your customers?
  • Why will they buy goods or services from you rather than your competitors?
  • How much will they be prepared to pay?
  • These questions might be difficult to answer but if there is no market for your idea then there is no point proceeding. If there is a market, it should give you a green light to explore your idea with a view to development.
  • A well thought out business idea should identify a market for any proposed product or service

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