Source | www-virgin-com.cdn.ampproject.org | Richard Branson
Many people have good ideas, but not everyone becomes an entrepreneur.
I’m often asked if there is a good way to work out whether your idea is a good one, so I’ve put together a quick guide for those wondering whether to make the plunge.
1. Evaluate your idea
OK, you have an idea. Now what? Good business ideas are a dime a dozen, and they are not all are worth pursuing.
Ask yourself: Have I done the due diligence necessary to take my idea to the next level? Does my idea solve a problem? Meet a need? Touch a nerve? Is it unique? Has it been done before?
Write down your answers, then critique them as thoroughly as you can. The best ideas are those that can withstand heavy critical analysis. If you can’t do this alone — which is almost always the case — then take your idea to someone you trust and ask for their perspective.
Still standing? Good. Let’s move on.
2. Plan for the future
Let’s assume that you have come up with an amazing new product or service that meets all the criteria outlined above. Good for you. Now it’s time to plan.
Ask yourself: What do I need to do to make this idea a reality? Have I developed a business plan? What are my capital needs? How far away am I from having a working prototype? Have I looked for potential partners and investors? What’s my distribution strategy?
At this point, you may want to look for a mentor if you don’t have one already — a seasoned business veteran who can push you in the right direction, point out potential pitfalls and help you to navigate around them. I still rely heavily on others’ advice, though I’ve been an entrepreneur for more than five decades. After all, without the advice I received from some great mentors, Virgin might still just be a little record store somewhere in London.