Did you have a killer idea that you thought of in a dream, while talking to friends, or when working on a school assignment? Did you tell yourself that the idea would make you a millionaire? How long have you had this idea? Have you done anything with it?
The Classic Way to Know if a Business Idea is Any Good
There is the “spydie sense” style of testing that I do for new products. It’s the, OMG people pay money for this… type of moment. To give an example, during the interview process to make the videography venture, a tangent discussion formed around a new type of video service for the construction industry. The interviewee said, “yeah, those guys in construction pay tons of money for this stuff.” The interviewer didn’t follow up on that comment, because they were focused on another service they were pitching. When I read the transcript of the discussion, it floored me. Now, we are building our entire company around that, seemingly, irrelevant moment in the interview. That’s the OMG moment. Interview people in the relevant field where you are making and investment until you find it, and then move as quickly as possible to exploit it.
The Best Way to Know if a Business Idea is Any Good
I’ve never heard a bad business idea; even mediocre ones can make money with the right expectations and development. Our challenge is to mold your idea into something that is easy enough for you to test. I’ll use Youtube as an example. Youtube was a solution for a couple of guys who wanted to share videos across the web. Since no easy solution existed, they created one. The idea was so revolutionary and popular that the solution went viral. I don’t think these guys had a business plan, mission statements, or any other startup boxes checked. They just tested their product quickly and cheaply. The solution to figure out if your product is any good…? Test it in the real world!
