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Discussion in 'General Entrepreneur Discussion' started by royemunson, Aug 24, 2007.

  1. royemunson

    royemunson Contributor Read Millionaire Fastlane

    Likes Received:
    Jul 24, 2007
    SW Ohio
    Rep Bank:
    How do you guys analyze your ideas. Many times I'll get stuck in
    research and many obviously do. this is why we have paralysis of analysis.

    I know there are no definites and there is risk, but how do you
    take your 10-100 ideas and determine if they are viable compared
    to what is or isn't out there??

    Many people have great ideas, but the problem many have is taking
    it each step to turn that idea into something.

    Just wondering. I am an accountant, so I understand the fundamentals,
    but determining a viable business idea is the challenge sometimes.
  2. JScott

    JScott Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Aug 24, 2007
    Rep Bank:
    Here's my technique...

    Write a one-pager document for each idea that includes the following information:
    - Elevator Pitch of the Idea (basically, a 30-second pitch to explain to anyone the idea)
    - Target Market (who are your customers)
    - Business Model (how will you make money)
    - Potential Revenue (estimate of how much you could make if executed well)
    - Competition (who are your competitors)

    With all your one-pagers in hand, ask a business-person you trust/respect to quickly read through them, and pick the 1 or 2 or 3 that stand out.

    For those couple that are highlighted, write a full business plan.

    Take the best business plan (by the time you've finished writing two or three, one will definitely stand out as your favorite), give it to some people who have some money, and ask them to invest.

    If they're not willing to invest, ask them why not. Is it a bad idea? Is the business plan not convincing or lacking in detail/information?

    And if they are willing to invest, now you have some capital as well... :)
    2 people like this.
  3. Peter2

    Peter2 Fastane Legend. RIP.

    Likes Received:
    Aug 2, 2007
    Palm Beach, FL
    Rep Bank:
    1: Self-Assessment

    Am I suited for running my own business?
    2: Business Idea

    Do I have a viable business idea?
    3: Market Analysis

    Is there a market for my business idea?
    4: Management Skills

    Do I have the skills needed to make this work?
    5: Business Plan

    Do I have a complete business plan?
    6: Forecasting

    Do I have a realistic forecast of revenues and costs?
    7: Financing

    Am I aware of my business financing needs?
    8: Outside Resources

    Do I understand what forms of venture assistance may be available to me from the public agency arena?
    9: Venture Launch

    Do I have the licenses, approvals and other issues covered that are needed for actually starting the new business?
    10: Monitor Progress

    Am I prepared to monitor and control operations once started?

    If you can answer YES to all 10, you probably have a viable business. :banana:
  4. Runum

    Runum Platinum Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

    Likes Received:
    Aug 8, 2007
    Rep Bank:
    Good posts with great info.

    My business right now is RE investments. My analysis involves strictly numbers. My realtor says he sees a property and falls in love with it. I see the numbers and I decide whether I like it or not. I made myself a pretty simple spreadsheet and I ask my realtor to provide me with the numbers, ie existing rental rates, potential rental rates, and property tax info. I have a good idea of the insurance cost and I have a great inspector. I can usually figure if the deal is a go within a couple of hours. Knock on wood, I haven't been burned yet.

    As far as creating or buying a business, I have yet to learn that. I am in the planning and evaluation stages right now.:cheers:
    1 person likes this.
  5. TK1

    TK1 Silver Contributor Speedway Pass

    Likes Received:
    Mar 31, 2011
    Rep Bank:
    Rep+++ given :/


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