Comments on: 5 Ways To Know If Your Business Idea Is Any Good

By: makiyo fashion

makiyo fashion — Fri, 26 Nov 2010 14:46:58 +0000

Great post ! But remmeber – A business that makes nothing but money is a poor business.
Henry Ford

By: Barry

Barry — Tue, 13 Apr 2010 08:01:20 +0000

I’m not sure loving it is a prerequisite for success.

I wish my most beloved ideas were the most successful ones.

They most often are not. Testing the market out is far more important.

By: Is Your Biz Idea Is Any Good? | Business Idea of the Day

Is Your Biz Idea Is Any Good? | Business Idea of the Day — Sun, 26 Oct 2008 08:16:26 +0000

[...] 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

Masters Mentors Leaders and Millionaires — Tue, 21 Oct 2008 06:07:48 +0000

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

brent — Sat, 18 Oct 2008 16:39:50 +0000

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

Jen C — Thu, 16 Oct 2008 21:53:56 +0000

Great article. I agree 100%.

By: Andrew

Andrew — Tue, 14 Oct 2008 22:14:51 +0000

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

Andrew Badera — Mon, 13 Oct 2008 11:06:58 +0000

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

Lorraine Ball — Sun, 12 Oct 2008 13:34:08 +0000

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

Mattijs Naus — Sun, 12 Oct 2008 02:36:55 +0000

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?