Comments on: 5 Ways To Know If Your Business Idea Is Any Good http://www.youngentrepreneur.com/blog/2008/10/5-ways-to-know-if-your-business-idea-is-any-good/ Fri, 20 Nov 2009 21:18:36 +0000 http://wordpress.org/?v=2.8.4 hourly 1 By: Is Your Biz Idea Is Any Good? | Business Idea of the Day http://www.youngentrepreneur.com/blog/2008/10/5-ways-to-know-if-your-business-idea-is-any-good/comment-page-1/#comment-106693 Is Your Biz Idea Is Any Good? | Business Idea of the Day Sun, 26 Oct 2008 08:16:26 +0000 http://www.youngentrepreneur.com/blog/2008/10/10/5-ways-to-know-if-your-business-idea-is-any-good/#comment-106693 [...] Evan Carmichael At YoungEntrepreneur.com: A question I get asked very frequently by young entrepreneurs is “How do I know if my business idea is any good?” [...] [...] Evan Carmichael At YoungEntrepreneur.com: A question I get asked very frequently by young entrepreneurs is “How do I know if my business idea is any good?” [...]

]]> By: Masters Mentors Leaders and Millionaires http://www.youngentrepreneur.com/blog/2008/10/5-ways-to-know-if-your-business-idea-is-any-good/comment-page-1/#comment-105446 Masters Mentors Leaders and Millionaires Tue, 21 Oct 2008 06:07:48 +0000 http://www.youngentrepreneur.com/blog/2008/10/10/5-ways-to-know-if-your-business-idea-is-any-good/#comment-105446 You summarized it nicely. I believe Henry Ford said. Find something you love. Make it as affordably as you can and sell it at the lowest possible price (while making a profit). You summarized it nicely. I believe Henry Ford said. Find something you love. Make it as affordably as you can and sell it at the lowest possible price (while making a profit).

]]> By: brent http://www.youngentrepreneur.com/blog/2008/10/5-ways-to-know-if-your-business-idea-is-any-good/comment-page-1/#comment-104727 brent Sat, 18 Oct 2008 16:39:50 +0000 http://www.youngentrepreneur.com/blog/2008/10/10/5-ways-to-know-if-your-business-idea-is-any-good/#comment-104727 This post just about sums up successful entrepreneurship. I'll give an extra tip of the hat to #1 and #5, and simply add that, ideally, these two concepts work in concert: It is absolutely essential for entrepreneurs to love what they do, and if what they love also sets them apart from the crowd, then they've found a potentially lucrative niche -- the best place for entrepreneurs to be. This post just about sums up successful entrepreneurship. I’ll give an extra tip of the hat to #1 and #5, and simply add that, ideally, these two concepts work in concert: It is absolutely essential for entrepreneurs to love what they do, and if what they love also sets them apart from the crowd, then they’ve found a potentially lucrative niche — the best place for entrepreneurs to be.

]]> By: Jen C http://www.youngentrepreneur.com/blog/2008/10/5-ways-to-know-if-your-business-idea-is-any-good/comment-page-1/#comment-104197 Jen C Thu, 16 Oct 2008 21:53:56 +0000 http://www.youngentrepreneur.com/blog/2008/10/10/5-ways-to-know-if-your-business-idea-is-any-good/#comment-104197 Great article. I agree 100%. Great article. I agree 100%.

]]> By: Andrew http://www.youngentrepreneur.com/blog/2008/10/5-ways-to-know-if-your-business-idea-is-any-good/comment-page-1/#comment-103683 Andrew Tue, 14 Oct 2008 22:14:51 +0000 http://www.youngentrepreneur.com/blog/2008/10/10/5-ways-to-know-if-your-business-idea-is-any-good/#comment-103683 Great list -- short, but right on. #2 -- having a customer is a great one to focus on. If you can sell it to someone (actual $$, not "how much *would* you pay...), you're on your way to a good idea. There is nothing quite like real market feedback to prove an idea. Great list — short, but right on. #2 — having a customer is a great one to focus on. If you can sell it to someone (actual $$, not “how much *would* you pay…), you’re on your way to a good idea. There is nothing quite like real market feedback to prove an idea.

]]> By: Andrew Badera http://www.youngentrepreneur.com/blog/2008/10/5-ways-to-know-if-your-business-idea-is-any-good/comment-page-1/#comment-103165 Andrew Badera Mon, 13 Oct 2008 11:06:58 +0000 http://www.youngentrepreneur.com/blog/2008/10/10/5-ways-to-know-if-your-business-idea-is-any-good/#comment-103165 I'm think you're conflating the value of an idea with the leanness of a startup. Leanness can certainly contribute to success. A good idea certainly contributes to success. Neither is a guarantor of success, or even necessarily a predictor of outcome. I’m think you’re conflating the value of an idea with the leanness of a startup. Leanness can certainly contribute to success. A good idea certainly contributes to success. Neither is a guarantor of success, or even necessarily a predictor of outcome.

]]> By: Lorraine Ball http://www.youngentrepreneur.com/blog/2008/10/5-ways-to-know-if-your-business-idea-is-any-good/comment-page-1/#comment-102876 Lorraine Ball Sun, 12 Oct 2008 13:34:08 +0000 http://www.youngentrepreneur.com/blog/2008/10/10/5-ways-to-know-if-your-business-idea-is-any-good/#comment-102876 It has to start with love. It is way to much work to start a business and make it successful, if you don't love it. And a few customers, other then your family members telling you they will pay real money is an important next step. It has to start with love. It is way to much work to start a business and make it successful, if you don’t love it.

And a few customers, other then your family members telling you they will pay real money is an important next step.

]]> By: Mattijs Naus http://www.youngentrepreneur.com/blog/2008/10/5-ways-to-know-if-your-business-idea-is-any-good/comment-page-1/#comment-102814 Mattijs Naus Sun, 12 Oct 2008 02:36:55 +0000 http://www.youngentrepreneur.com/blog/2008/10/10/5-ways-to-know-if-your-business-idea-is-any-good/#comment-102814 1) Loving what you do will definitely make it a whole lot easier to stick with your project and reach your milestones. However, it says absolutely nothing about how great a business your idea will make. I am sure a bunch of kids loved making a tool to throw sheep at their friends at Facebook... does that make it a good business idea? 2) Same thing, it will help execution but it says bupkis about how well your idea is suited to become a successful business. I am sure we could find at least one person willing to pay for throwing sheep at their friends, does that say anything about greatness of the idea? Try starting with 20+ customers. 3) It's getting boring, I know, but the same thing applies here. Your execution will go one heck of a lot easier if it's dirt cheap, but it says nothing about the quality of your idea. 4) Hardly any great business is build by a single person or started with a great team in place. As ideas mature and evolve, so do the people executing the idea. "You can’t have a hope at success unless you either know how to run your business or have people who can do it for you." What happened to "learning as you go". As your business grows, so do you and so do the people around you. Granted, do you need to do your research before getting into a certain industry, but having it all figured out from the get-go is unrealistic and will put a serious brake on execution. What happened to being cash-flow positive, having good growth, having an active and growing user-base? 1) Loving what you do will definitely make it a whole lot easier to stick with your project and reach your milestones. However, it says absolutely nothing about how great a business your idea will make. I am sure a bunch of kids loved making a tool to throw sheep at their friends at Facebook… does that make it a good business idea?

2) Same thing, it will help execution but it says bupkis about how well your idea is suited to become a successful business. I am sure we could find at least one person willing to pay for throwing sheep at their friends, does that say anything about greatness of the idea? Try starting with 20+ customers.

3) It’s getting boring, I know, but the same thing applies here. Your execution will go one heck of a lot easier if it’s dirt cheap, but it says nothing about the quality of your idea.

4) Hardly any great business is build by a single person or started with a great team in place. As ideas mature and evolve, so do the people executing the idea.

“You can’t have a hope at success unless you either know how to run your business or have people who can do it for you.”

What happened to “learning as you go”. As your business grows, so do you and so do the people around you. Granted, do you need to do your research before getting into a certain industry, but having it all figured out from the get-go is unrealistic and will put a serious brake on execution.

What happened to being cash-flow positive, having good growth, having an active and growing user-base?

]]> By: Brett Tilford http://www.youngentrepreneur.com/blog/2008/10/5-ways-to-know-if-your-business-idea-is-any-good/comment-page-1/#comment-102386 Brett Tilford Fri, 10 Oct 2008 19:25:27 +0000 http://www.youngentrepreneur.com/blog/2008/10/10/5-ways-to-know-if-your-business-idea-is-any-good/#comment-102386 Good thoughts Evan. When I first got into business I probably would have disagreed with your first point, I mean come on it's all about the money anyway right, who cares what your selling. Wrong. It's probably going to cost more than you think, be harder than you think, and take longer than you think so you better REALLY believe and love whatever it is your going to be about for the next few years! Good thoughts Evan. When I first got into business I probably would have disagreed with your first point, I mean come on it’s all about the money anyway right, who cares what your selling. Wrong. It’s probably going to cost more than you think, be harder than you think, and take longer than you think so you better REALLY believe and love whatever it is your going to be about for the next few years!

]]> By: sarahcook11 http://www.youngentrepreneur.com/blog/2008/10/5-ways-to-know-if-your-business-idea-is-any-good/comment-page-1/#comment-102381 sarahcook11 Fri, 10 Oct 2008 19:20:07 +0000 http://www.youngentrepreneur.com/blog/2008/10/10/5-ways-to-know-if-your-business-idea-is-any-good/#comment-102381 I think that #1 is so important! I've met so many people who want to start a business just for the money. They generally have absolutely no interest in the product/service, but think they can do it anyway. The result is that they hate the work involved, hate their jobs, become burned out, and eventually the entire business fails... if it even worked to begin with! I think that #1 is so important! I’ve met so many people who want to start a business just for the money. They generally have absolutely no interest in the product/service, but think they can do it anyway. The result is that they hate the work involved, hate their jobs, become burned out, and eventually the entire business fails… if it even worked to begin with!

]]>