Here is a quick checklist of questions you can ask to see if you are on the right track with your startup idea. Every “yes” answer is 1 point. If you score 14 or higher, this may just be the right idea…
1- Does your business idea soothe someone’s pain, discomfort, frustration, or dissatisfaction?
2- Are there lots of those people out there?
3- Do these people have money to pay for it?
4- Will they be able to decide quickly to buy your product or service?
5- Does your idea exploit something about you that is outstanding or unique?
6- Are there important assets you have that no one else has? (money, access to customers, technology, leadership skills, execution, location, salesmanship, etc.)
7- Can you think of at least two people who might join you?
8- Do their skills complement yours?
9- Do they have the same values as you do?
10- Do the majority of people whose opinion you highly respect think your idea is a good one?
11- Does at least one person (and not more than three people), whose opinion you highly respect, think your idea is a bad one?
12 – Is there something about the idea or its implementation, that compels you to really devote yourself to it?
13- Can you sneak by the big competitors without them noticing you for awhile?
14- Can you find a potential customer who will take your calls, give you feedback, try a pilot out?
15- Can you start up without a huge amount of money?
16- Can you keep your fixed costs low during launch?
17- Does your idea lend itself to small incremental steps that can inexpensively generate valuable information as well as at least a little cash?
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