How do I know if my business idea is winner or a loser? Whether developing a new product, service, or entire business, we all wonder if it is a hit or a miss. And we should! The question is often answered with long and detailed product and market analysis. Larger companies may take months or even years to get an answer. But we can do this much faster by addressing 5 simple issues. Photo courtesy of Flickr/Creative Commons/Ramunas Geciauskas [/featured-image]In todays episode I will provide a few short questions that you can quickly determine if you have a winner or a loser.Click to ListenNOTE: If you are reading this in email, you will need to go to Itunes or my blog to get access to this show.Five Questions to Determine - Is My Business Idea Good?Competition - Are other people selling similar products?Questions - Are people asking questions that your products and services answer?Books - Are there books or other information sources that address the problem you are solving?Buyers - Are there enough buyers for your product? How many potential buyers?Profit - You can deliver at a profit?But, even if your initial idea becomes a loser after your analysis, think about how you might change it to make it a winner. You might be able to change the buyers, the offering, or the packaging to make it something that works. More on that in a later podcast.Episode ResourcesDiscovering the Entrepreneur in YouWhy You Need to Start Your Own Business Now - Where the model of making 25% of your income from a business is discussed.How to Tell if Your Idea is a True OpportunityInformation Engineering and Management Graduate ProgramDaxko - Providing software services to the YMCA marketSubscription LinksIf you have enjoyed this podcast, please subscribe to it on iTunes. Simply go to iTunes and hit subscribe! (You may have to click the button that says “OPEN IN ITUNES”FeedbackIf you have an idea for a podcast you would like to see or a question about an upcoming episode, e-mail me.Also, if you enjoyed the show, please rate it on iTunes and write a brief review. That would help tremendously in getting the word out! Thanks.[reminder]What ideas have you had that flopped? I have had many! [/reminder]Dale Callahan, Ph.D.Business Coach for Professionals Ready to Take Control Helping you move from stuck to in-demand — or start something of your own. Grab the Idea Engine: 7 prompts to find your next move Book a Next Step Strategy SessionDirector of Engineering Management @ UAB (205) 790-8447 dalecallahan.com LinkedIn

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.

Transcript

Related