How do you choose which idea to turn into full-fledged business venture? Here’s one method to choose your best idea.
Now is a great time to start a business. Technology is cheap. Funding is more availablethan ever. There’s a bevy of new tools available and online resources that didn’t exist five years ago. Most importantly, society is supporting start-ups more than ever before. But before you assemble a team, raise money, and dedicate years of your life, how do you choose which idea to focus on?
You don’t have to have an MBA to sort through your business concepts and choose the best one. Instead, just plot your idea on each of the following 2×2 grids.
Customer. Can they pay or not? Can they pay a little or a lot? How much do they want the product you envision? The sweet spot here, as with all these charts, is the upper-right quadrant. You don’t want to be like Nokia with its high-end Vertu phone, which retailed for $2,000 to $10,000 per unit and naturally sold very few units. You don’t want to be a low-value product like a virtual good, where the need is as low as the price. And while finding a much-needed solution to a major problem–like the need for clean water–is important, it’s hard to build a business when your customers can’t afford your product.
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