Do I have a good idea? Everyday this single question weakens hopeful entrepreneurs, leaving them vulnerable to analysis paralysis. This is funny because many say the idea is only worth 1% and execution covers the last stretch. I wouldn't go that far. A good idea does not a business make, but on a personal level IT MATTERS! Evaluating your idea has a lot to do with you and less to do with the idea itself.
Ask yourself the following questions, and if things look good from there find a stealthy way to test the viability of your idea.
Does it address a need? Great ideas solve a problem. This is why we have heard of so many success stories from stay at home moms and ex [fill in the blank] employees. They witnessed or suffered through a problem and decided to solve it with a product or service. They understand the pain point intimately and are able to create concise meaningful messaging around it that resonates with their audience. Few startups thrive on a nice to have.
Does it excite you? Entrepreneurship should be an enjoyable experience, and pursuing a good idea that makes you want to snooze sets you up for failure. You should be more excited about this business than anyone else. So, If you can't imagine doing your idea for the next 5 years or so. Drop it...and run! Find something that makes you want to tell the world.
Are you the right person or team? Perfectly good ideas fail because the people executing are not right for the job. Think about whether the solution you are proposing requires deep industry knowledge that you don't possess. Are you willing to bust hump creating the industry connections? Can you get the right people to join you?
What are people saying..even better what are they doing? It's human nature to be nice (eh..mostly). Chances are when you ask someone whether your idea is good they will smile and say yes. This same principle is why surveying friends and family doesn't work well. No one wants to hurt your feelings. Here's a better test. When someone says it's a good idea, ask them if they'd be interested in working on it with you. Then count how many say yes.
I recently embarked on a new startup journey with hopes of helping startups trade skills to get their projects completed with little cash, and I asked myself the exact same questions above. Check it out at https://www.swapforskills.com/. Good idea yes or no? Let me know on Twitter with a #Yes or #No: @DeirdreAmola
