1. You want to undertake the new project full time.
If you do not feel confident enough to quit your “day job” to deal with your own concept, you do not truly believe in it. In order for a new venture to succeed, it requires your full commitment. If you are hesitant, you either do not have the confidence in your idea or you do not know sufficiently about the idea to be successful.
2. You cannot think about anything else you would rather be doing other than this new project.
You need to enjoy your work to be genuinely effective. Find what you love and you’ll ultimately develop a feasible business idea that you’ll enjoy every moment of the venture.
3. This is the very best chance you can envision for your abilities and passion.
You do not wish to think back in future with remorse and question if you should’ve adopted a different route. If you’re unsure of alternative routes, examine those, too. Each route has its own risk however, with appropriate research, you can select the correct route. No matter what happens, you will have the satisfaction of knowing that you had made an informed choice.
4. You’re willing to invite family and friends to invest.
If you are not willing to present your amazing new venture to your friends and family, you most likely have not offered the opportunity to anybody. If you do not feel confident having Grandma investing in you, do not expect anybody else to take the leap.
5. You wish to personally direct this new endeavor through to be accepted in the market successfully.
You might not be the most suitable person to direct the project but, at the very least, you would wish to be that individual. Your instinct shouldn’t be merely to accredit your concept, you should wish to belong to the team that carries it forward.
6. You are positive that the concept is feasible.
If you are uncertain if your idea will actually work, develop a prototype first or beta-test your service and assess the outcomes prior to getting too deeply involved. Skip this step if your concept is an anti-gravity belt, perpetual motion device, or free-energy gadget and immediately return to the drawing board for a new idea.
7. You have talked in person with a minimum of prospective users.
You like your concept however you have to speak with prospective clients, preferably complete strangers. Most of them need to like it and you need to be assured they are willing to pay for it. Liking an item and paying for it are 2 totally different things.
8. If somebody else offered the same service or product as your concept, you will be the first in line to purchase it.
If you wouldn’t buy your own idea, you’re not ready to begin the project.
9. You understand a lot about the market and the competition of your service or product.
Dignified inventors often claim that there’s no competition. That is incorrect. Perhaps nobody else has your patent however if you do invent the world’s very first anti-gravity belt, airplanes, cars and trains are still your competition since the most important “competitor” is consumer complacency. If you cannot get people inspired to purchase, your concept will fail. Whoever the competitors, know them and handle it.
10. Your service or product is unique, or at the very least, stands out amongst competitors.
You might have a one-of-a-kind offering however a brilliant venture does not have to be a new innovation. All concepts need to offer something that people will purchase. Starbucks did not invent coffee, they simply made a better quality brew in an environment that attracts customers.
11. Your service or product will offer significant long term employment for somebody aside from yourself.
You will not learn this on a balance sheet however there are some things in life that are more gratifying such as knowing your efforts have helped people’s lives because of the job you have created.
12. Your new project will benefit the society.
It isn’t enough for businesses to “do no harm” or to be eco-friendly. All ventures need to make the world a better place. They should improve on what was there prior the venture started.
Let us know what you think in the comments below: