Tip 3 The Key Factors in Choosing an Idea well.

Good morning everyone, I was asked yesterday what were the key factors in choosing a successful business idea.

So here are what I think are the Top 5 Factors in Choosing an Idea.

1. Do not be married to you first idea. 

Be prepared to drop you first idea. Too many entrepreneurs jump in like Runaway Express trains and charge to market without thorough market testing.

2. Never commit to big expenditure

Whether it is on property, capital expenditure, staff and loans until you have thoroughly tested your idea.

3. Always do objective market research. 

Too many entrepreneurs either skip this step or do it half-heartedly. Do not put out a token questionnaire. Dig deep and keep digging for deep understanding. Remember market feedback is critical to success. Most successful entrepreneurs never give up on understanding their customers. It is the key to a successful launch

4. Look for Pain Points not ideas

Ideas are great, but Pain Points are better when choosing an idea. People buy products remember. Identify those issues that really trouble people at work and at home. Try to find “hair on fire,” Pain Points where the customer will give you anything to put out their burning head.

5. Always, always, always test launch. 

Test launches are a real life extension of market research and I would never go to market without carrying out this exercise. Minimum viable product launches are a way of putting a low cost version of your product or service into the market to test if customers will actually buy it. From this point you can either, expand, pull out or pivot onto a modified offering as wanted by your customer.

I hope that helps

I wish you a great day and always Choose an Idea with

Good Judgement

Regards Michael #chooseanidea