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News Feed Forums Startup Pitches I have an Idea. What next? Reply To: I have an Idea. What next?

  • Ansh Godarey

    Member
    March 13, 2021 at 7:37 am
    banana-2 153
    crowns-1 Level 1

    A good idea is only good if it is feasible for you to implement. So I have developed a series of questions, which can help you check the feasibility of your idea by your own. Let’s find out then!

    Can you recognize 20% of your idea’s features that represent 80% of your idea value?

    • No, back to the drawing board.
    • Yes, next question.

    Can you perform those 20% features on your own or with the help of your partners?

    • No, back to the drawing board.
    • Yes, next question.

    Can you execute without a debt to start testing your idea in the market?

    • No, back to the drawing board.
    • Yes, next question.

    Can you tell who would want to buy your product or service?

    • No, back to the drawing board.
    • Yes, next question.

    Can 10% of potential customers buying your product/services can cover your costs and return profits?

    • No, back to the drawing board.
    • Yes, next question.

    Do you have the money to advertise to those customers?

    • No, back to the drawing board.
    • Yes, next question.

    Do you see yourself working on this for a year or three without any profits?

    • No, back to the drawing board.
    • Yes, next question.

    Do you have to compete with monstrous, gigantic companies offering the same or similar ideas?

    • Yes, back to the drawing board.
    • No.

    Hence, you have answered your questions and got a rough sketch of what your idea has and what else needs to be implemented.

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