What is the idea test? It’s a test to determine that what you have is a good idea, something that is worthwhile. Something you could build a business around.
I don’t know if there is a formal test out there. I know that many people have their own set of rules that their ideas have to meet. Most of these are basic. But there are some things that you can never account for. Social things, for example how society will react to a new idea. Will they reject it our embrace it whole heartily?
Who would have though that 100 million people would be interested in telling everyone what they are doing at any given point throughout the day? I personally think that’s retarded. Yet, Twitter, which is nothing more than an web-based Ajax chat application, is going strong. And almost everyone that uses it loves it.
There are several ideas that many people have had that they thought would not turn out, then you hear about it in the news. Not only has that idea worked, but it is prospering and people seem to love using it.
So what rules can we use to determine which ideas are good from bad?
Here is a list of some things that I have used that may help. These are all based on the fact that you are alone or with one other person and you are working on this in your spare time. There is no funding for this project. So based on that we have limited time and money. Here they are:
These are just a few things that you can ask yourself. I’m not trying to burst anyone’s bubble, believe me. I wish you the best of success. But if you answered “no” or “I don’t know” to any of the items on the list, you may need to do some more research or go back to the drawing board. But don’t give up. Who knows, maybe while doing research you will find something else that gives you an edge of how you can turn your idea into a workable business.
Can writing a Business Plan help?
Yes, it can here’s why. A business plan is required when you are trying to get Venture Capital funding. Initially they may only require an Executive Summary, but before any real money changes hands they, the VC guys, will want to know what your business is and how it is going to make money. They don’t want to throw their money away. They want their investment to bring back a nice return.
Many of the items I listed above are things that you will have to determine and know when writing your business plan. It is this research and thought process that will help you determine how good of an idea you really have. Things like “how much competition is there” and “what price will the market tolerate and still purchase this product or idea”.
Keep these in mind when you are working on your next idea. I wish everyone the best of luck with their business ventures. Don’t be discouraged, you can do it. Everyday you wake up, look yourself in the mirror and tell yourself “I can do it!” and believe it. You will be amazed at the results.