Quick Idea Tests for Entrepreneurs
(441 Words)
Like a light bulb flashing in your mind, you have just come up with the next great idea that is going to change the world and make you a millionaire. Would-be entrepreneurs come up with ideas all the time, but only a few are actually realistic and practical enough to make it in the real world. A variety of methods can allow you to quickly test your idea to see if it might just be the real thing.
Consult a possible customer
Run your idea by someone that you would imagine to be in your likely target audience. For instance, a college student who is not a parent may come up with a great idea for a toy that he thinks kids would love. He should ask some parents if they think the idea has merit.
You could also just observe your potential audience. For instance, go to a place where there are a lot of parents and children and look at the toys with which they are playing. It might give you an idea if your idea is new, different and poised for success.
Look for those who have done it
There are a lot of people in this world, and there is a decent chance that someone tried your idea before with success or failure. Do some research to see if you can find any of these examples. For instance, you can go to the website of a toy store and research whether there are similar toys. Just because someone else has succeeded or failed does not mean that yours will do either, but it can give you some useful information.
Try to find someone knowledgeable to consult
You may be able to find someone with even more knowledge than a possible consumer. For instance, you may know someone who works at a toy store or at a toy manufacturer.
Make more specific plans
You may want to make your plans more concrete. For instance, you can use the computer or just a sketchbook to actually draw the toy. You can get a better idea of its potential by actually “seeing” what it would look like.
You should also consider the different factors that can influence success. How would you sell your product? To whom would you market it? Try to think about as many of these factors as possible to decide whether it is truly feasible.
When you come up with a great idea, it may be wise to test it first to give you some measure of potential success. Try one or all of the above methods in your search for the perfect entrepreneurial gem.
Resources:
http://www.businessinsider.com/9-quick-ways-to-test-your-idea-2011-3