Business Plans Kit For Dummies®, 3rd Edition

Chapter 18. Ten Ways to Evaluate a New Business Idea

In This Chapter

• Making sure your business idea is the right one for you

• Testing whether your idea stands a good chance of achieving success

Every business venture starts with an idea. That idea may be as simple as opening a shop that features local artwork or as complex as creating a new biotechnology company. Either way, your success depends on the strength of your idea, how well it fits your temperament, how well you can plan for success, and what resources you can bring to the effort.

You can easily be swept along by excitement when you have a new idea. Unfortunately, your idea may not be as good as you think. Once it hits the reality of the marketplace, it may prove to be a bad idea. Evaluating your idea in advance can help separate the good from the bad. We hope your idea is a good one. But remember that a good idea can become even better if you take the time to assess and fine-tune it. Before settling and taking your first steps, consider this list of ten questions that you absolutely, positively need to ask about your business idea before you take the big plunge.

Is This Something I Really Want to Do?

For most successful entrepreneurs, running their own company is more than just a job — it's a full-time passion. Successful business people truly believe in their ideas, care about the products or services that they offer, and love what they do — even when the going gets tough.

Take a moment to think about turning your idea into ...