Entrepreneurs and innovators are constantly coming up with new ideas every day. They are wired to seek out opportunities for new improvements in current or possible products. Though not all ideas are brought into the real world. There are ways to identify if you should take the time and spend the money to create this new idea.
Does it solve a problem?
Many ideas come from real life situations. If it affects you, friends, family, or acquaintances it probably affects other people in the world. Thinking about what the problem may be can help you discover a solution for it. Typically entrepreneurs write down their ideas to keep track of potential success. Go through your list of ideas and see if any of them can solve the problem.
Is it a need?
Though it may be a great idea and can be useful, you need to determine if your consumers will need it. The main goal of a product is for customers to pay for it. If they don’t need it, more often than not, they won’t waste their money on the product. Even if it seems like a simple idea, if there is a market for it, it could find success.
Is it scalable?
Once you find the solution to a problem, you must determine if you can do it at a reasonable price point. Discovering ways to make a solution that is less expensive will make the idea more legitimate. You need to make a valuable product for a low value but expect consumers to pay more. Once you determine a price point, you can assess if the solution will be profitable.
Are you passionate about it?
In the last article, Habits of an Innovator, I discuss how innovators need to be passionate about their ideas. You want your ideas to reflect something you care about. If you start launching this idea and there are hitches along the way, you are more likely to stick with the idea you are passionate about. You need to have patience and watch this idea grow. It is more fulfilling when you watch something you really care about becoming successful.
Keep thinking of new ideas and soon enough you will identify your next great idea!