I’m just like most other entrepreneurs I know – I have at least three new business ideas before I get out of bed in the morning. And the ideas just keep coming throughout the day.
Thankfully, after years of trial and error as an entrepreneur, I’ve learned to evaluate my new ideas carefully to determine if they are actually an opportunity, instead of just an idea.
Even more importantly, I’ve learned to evaluate if it’s a good opportunity for me and the lifestyle I want to create for myself.
I do that evaluation by asking twelve questions that I’ve found are critical to determining if a business is right for me. If I have more than a few ‘No’ responses, I can immediately cross the idea off of my list and forget about it. If it’s all ‘Yes’ responses, I know I have an idea with real potential.
Here’s the list of questions, with some of my thoughts explaining why each is important to me:
Use these twelve questions to evaluate your business ideas. You should be able to answer ‘Yes’ to the far majority of the questions.
If not, drop the idea and be thankful that you didn’t invest your time and energy into something that ultimately wouldn’t fulfill your entrepreneurial dreams.
Now, go build something!
All the best,
Mike Cooch and the Be A Capitalist Team