How to Evaluate New Ventures, Projects and Ideas

Every time we identify a new market, or consider a new venture or solution, I try to run through these questions before committing the time, energy and manpower:

  • How large is the market? And the profit potential?
  • How competitive is it?
  • Do we have a unique niche or advantage to exploit?
  • How costly will it be to build, promote, and support?
  • How long will it take to build?
  • How hard is it to support?
  • Are there any legal issues?
  • Do we have the in-house skills to do it? Or does it need to be outsourced?
  • Can it be outsourced more affordably while maintaining quality?
  • Is it the right time to do it? Company? Market? Team?
  • Will it disrupt, distract or negatively affect our other work and business in any way?
  • Are we passionate about it? (Probably the most vital to the success of any project in my opinion)
  • NOW … weighing these answers, should we push forward and do it?
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