How do successful entrepreneurs know which ideas have business potential? originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.
Short answer = Successful or not, entrepreneurs DO NOT know which ideas have business potential.
Successful Entrepreneurs just do their due diligence in making sure that any Idea must have a:
- Problem to solve
- Solution that is sustainable
- Target Audience/Market
- Small Core Team of highly talented individuals who know what they’re doing
1. Prioritize & Narrow down:
The ideas that address a real problem. Find Product/Market fit and see what gravitates more and has a larger audience. Market Validation is a MUST, no matter how obvious you think the problem is.
2. Research, Research, Research:
You can never do enough research on your idea – But, you gotta start somewhere and then, never stop. They go to all Networking Events, make connections, talk to people, attend Startup Weekends (or similar startup events), Google the heck out of their ideas, Read Blogs, all comments, twitter, etc. find the Pain Points, know their audience, the solution, the revenue model and the list goes on.
3. Talk to Everyone who would listen:
The more you talk to people about your ideas and how you plan to attack the problem, The more you talk, you’ll be surprised how much clarity you gather.
4. Are not afraid that someone might steal their ideas:
Because they know that if they can think of it, so can anyone else. The difference is, who executes on it better.
Genius is 1% inspiration, and 99% perspiration
5. Write everything down:
Don’t just think about stuff. Write it down. You’ll be surprised by the difference and clarity that alone brings. It would also add some sense of urgency and direction to your approach.
6. Fail Fast
You test all your hypotheses and if you see that something is not sticking, scrape it and move on to your next idea/assumption. Not getting too emo attached with any of your assumptions/ideas, scraping the ones that don’t work Fast and continuously learning from your validations and making improvements = “Move Fast”
7. Believe: in themselves
No Matter what comes their way!!
8. Just get up and DO
cuz Nothing will ever change if you keep thinking and do nothing.
1% of something is much greater than 100% of Nothing!