Inside Small Business | Small Business & Home Business Marketing

How do I know if my idea is good enough?

Many experts would have you do a ton of research to confirm the validity of your idea. While there are rare products and services that might require this type of research, I would suggest you go with your gut on this one. If you feel the need is there, then your challenge is to position, package and promote the idea in a way that captures the heart and mind of your prospect. You might start by asking ten friends, family members, or colleagues. Listen carefully and at the same time listen with an open mind and a non-judgmental filter. Many well-intentioned people are prone to give you negative advice or reasons why something won’t work, instead of all the good reasons why something will work. Next if you are unclear about who your target market is, then you may need some help identifying who your ideal prospects are. The best feedback and research will be from them, not people who would never buy from you. Obviously there are some differences between an ideal for a service and an idea for a new product. Your investment in a new product can be substantial, so you do want to get your ducks in a row before you invest too much capital. If you feel in your gut that you have something of value, can price it accordingly, find a prospect, and make a sale, then what do you have to lose? In addition, surround yourself with the professional assistance of a lawyer, accountant, and business consultant. Consider an investment of a couple of hours or day with each of them. They will give you the unvarnished truth and benefit of their expertise. It is a small price to pay to get good counsel before you invest thousands of dollars. It’s not your responsibility to be skilled in all areas of your business venture, but it is your responsibility to reach out for help along the way and the sooner you do, the sooner you will be on your path to success.

           

Posted on Monday, June 9th, 2008 at 2:52 pm and is filed under Boardroom, Entrepreneurial, Expert, Small Business. You can follow any responses to this entry through the RSS 2.0 feed.