Bigger checklist: 18-item business idea checklist

Bigger checklist: 18-item business idea checklist

Lesson Details:
February 14, 2020

Video Transcription: Now that I've previously given you a little bit of a test for your ideas like a five item checklist for your for the quick tests for your business ideas I want to give you a little bit of a bigger broader test so that once your idea passes that test and you're a little bit more serious about it here's a slightly bigger test that you should put your idea through and so let's quickly go through this 18 items' checklist I'll very quickly run through these because you can just go through this on your own pace at your own time anyway because you see them so that I characterize these the first one and I think the ultimately the most important one because at the end of the day it's all for you is are the is this idea gonna be right for you does it leverage your background education experience all that does your meet your realistic financial goal but what I mean by that is of course if I ask you do you want to be a billionaire nobody's gonna say no but what's your actual realistic financial goal today that you know your idea has to reach inside having a smaller goal opens up opens you up to a lot of other ideas that wouldn't be available do you like the idea like do you like the subject matter do you get out about it does it make you this is it fun for you do you want to be doing this in five years does it and does it put you in a position to give you personal growth like when I got into helping people who business I was very interested in exploring different business ideas and seeing where that would go. That world was interesting to me so I that's where I wanted to be and ultimately will it make you happy working on this that's really the most important thing you don't be miserable working on your own idea that's the whole point of it is just say your own so you're the boss and you're happy doing what you're doing now a little bit about your market is there growing market is a lucrative market does it serve high-end customers I think a lot of people are passionate about serving the underprivileged communities and I totally appreciate that but people who have more money can pay more readily and makes your life easier now let's talk a little bit about the quality of your idea does it have natural marketing paths does it have natural monetization paths and sometimes if you're just starting in business it's not easy to know if it has natural marketing memorization pads but that's why it's good to get advice from people who are experts in that sort of thing is it not difficult to bring to market not too expensive that's risk right does it have to potential to grow into something bigger like Amazon started with something small like just books and now it's like everything. So does it have natural growth potential does it do good or does it do bad or neutral no impact on the greater social good or planet good is your idea innovative if so is it getting good feedback if your idea is commoditized do you have good differentiation for example quality that you're gonna be either lower quality or higher quality is it it may be in an area where you have less competitors do you have some kind of a unique approach to it so something that sets you apart in a commoditized space and then of course the competition is it too competitive some times that's a big issue if you get into a good market but it's very very competitive it's hard to get your head above water and how I'll compete the other people and if you if it is a competitive area and if it is a lucrative market are the competitors liked or disliked because if it's a disliked competitor they're relatively easy to compete with because everybody who's their customer doesn't like them and then they want a jump ship and you can steal their you know you can poach their customers but if you getting into a market where your competitors are actually big established and liked it's going to be very hard to get people to switch from them to you so those are all the things that you want to run your ideas through this is a pretty extensive business idea checklist so use that from now on too test your ideas.

Course content