How To Evaluate New Business, Product Ideas

To follow along with my previous post titled Don’t Make It Harder Than It Needs To Be, here are the three main filters I use for evaluating new business or product ideas:

  • Passion — Are you actually interested in it? Do you actually care about it? Like say you’re committed 5 years to do …. how about 15 years? This speaks to commitment and interest and motivations.
  • Experience — Do you actually have what it takes to pull it off or are you pipe dreaming? If it’s in a totally different area (with different audience) you’ve spent the bulk of your time and talent in? It also has to do with resources like audience, relationships, momentum.
  • Opportunity — Is there an actual opportunity to make money? Does it have legitimate chance to work? What are the chances? What is the worst that could happen? What is the best that could happen? Be real. Be honest. Splash some cold water on your face. Is it reaching? Or realistic? Am I reaching?

Thoughts?

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2 thoughts on “How To Evaluate New Business, Product Ideas”

  1. Couldnt agree more Cory, especially about questioning whether or not it serves your core audience. How does it fit within the other products / services you offer? Is there a place in your product line for it?

    I also like to sketch out what my daily tasks would look like and what the team will look like. Try and see what that looks like a year 3, 5 years down the road. I need to be excited about working on this thing for a few years.

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