How To Validate Your Business Ideas

Continuation From Friday….(How To Develop Business Ideas).

Are these the best 10 ideas I could come up with in 30 minutes?

Again, the point is not to come up with 10 ideal Billion dollar ideas, but to train your mind to connect the dots and to be original. While it is possible that you will be able to come up with a few multimillion dollar ideas per session, it is highly unlikely. From my own experience, typically you will come up with unoriginal, unattainable and otherwise not very good ideas 99% of the time. Followed by a 1% “Flash of Genius” that will set you for the rest of your life. Unfortunately, we cannot get to that 1% without first going through the 99%.

As I finish the daily session, I typically go back to think about each idea for 1-2 minutes. That allows me to do a couple of things. First, it allows me to download each idea into my memory bank for future reference. Second, it allows me to determine if the idea is a good idea that requires further research or if it is a terrible idea that should be immediately disregarded. Finally, this process gives me just enough time to cross reference today’s ideas with previous ideas that I have already stored in my idea database. Leading to some interesting and original combinations that could be worth billions.

That’s all there is to it.

IDEA VALIDATION

The next step is to validate your idea(s). If your original ideas are not dismissed outright during the idea generation process and you believe that they might turn into something more, you MUST validate your ideas before moving forward. You can do so on two levels. Through an initial in-depth idea scan and through a minimal level idea implementation.

Level #1: An In-Depth Idea Scan

The idea here is to push your original business idea(s) to the furthest possible extent without first spending a single penny of capital. In fact, time and research should be your only currency. You can start the process by implementing the following steps.

Industry Specific Research:

As was suggested earlier in the book, you should know the industry you are about to get involved in inside and out. Assuming you are not familiar with it already. If you are serious about a business idea you are working on, do not move beyond this step until you are very well versed in the subject matter. Quick Warning: Disregard this step and be prepared to lose a significant amount of time and money.

Example: Let’s assume that you believe that a smart phone market for dogs/cats is at least a multi-million dollar idea. In this case, you would have to study two industries. 1. Electronics (smart phones and devices) and 2. Gadgets for pet. Turning each industry inside and out as you study them. This step could be easily done through doing online research and reading through industry reports.

To Be Continued Tomorrow…..(Why Am I Seeing This On A Financial Website?)