From the course: Entrepreneurship: Finding and Testing Your Business Idea

Finalize your single best business idea

From the course: Entrepreneurship: Finding and Testing Your Business Idea

Finalize your single best business idea

“

- Now that you have a basic understanding of the opportunity factors, it's time to put them to work. We want to print out a worksheet for each of your top five business ideas or how many you had, and then take each of those ideas through one of these opportunity factor worksheets. At the end of the worksheet, you'll notice a question. It asks you to assess subjectively how much of an opportunity this idea is, either answering A, B, C, or D. We want to focus on the ideas that only get the A answer. These are very likely to be opportunities. I don't recommend that you try to do a business with any of the other answers. If you only have one idea that gets an A answer. Well, then it's easy, that's probably the idea that you should test. But if you have multiple ideas that turn out to be good opportunities, we have an extra step. Let's go back through the worksheets and rate each of the factors on a scale of 0 to 10. For instance, how strong is distribution on a scale of 0 to 10? If it's great, then let's rate it an 8. Do I have the expertise that I need? Again, on a scale of 0 to 10, maybe it's pretty good, so I'm going to put a 7. After you do this for each of the ideas, create an average score and look for which idea has the best overall score. Finally, let's try one more step if you have multiple ideas. Pretend to commit to one of them. Imagine for a week or so, give yourself plenty of time that you have committed to this idea that you're about to start it, and you're going to have to do a lot of work to make it happen. Imagine how you feel about it. This is similar to the concept of flipping a coin, and then you get an answer. Have you ever done that? And then after you get the answer, you decide to change your mind. It's because all of a sudden it became a reality and you saw the consequence of your choices. So commit to one idea. Imagine it's the opportunity you're going to use, and then see if you feel committed to it after a week. Then we're ready to move on to the next step, which is testing that opportunity.

Contents