How do you tell if an idea is a good idea before investing time and money?

[jfny]

I just finished reading chapter 39 which is all about execution. I have numerous ideas that I would love to execute, however I'd rather make smart decisions so as not to throw money away. I don't know which idea of mine to pursue. How does one determine if an idea is valid before investing money and countless hours into it? Especially since at the idea stage there are rarely numbers to back anything up.

I assume there is no surefire way of determining this, but there must be ways to tilt the odds in your favor.

What methods do you guys use?

I would love to hear what you all have to say. Thanks.

 

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[Raoul Duke]

http://foreverjobless.com/ev-millionaires-math/

https://www.thefastlaneforum.com/community/threads/my-179th-business-idea.67574/#post-533909

 

[David Young]

At this stage nothing in guaranteed. They only way I know of to mitigate the risk is by putting in the hours (and some money) researching as much as you can. The most effective research strategy will depend on the idea. Unfortunately there is no obvious short cut to success. Generally speaking the harder you work the luckier you will be.

 

[Wassim]

I don't know which idea of mine to pursue. How does one determine if an idea is valid before investing money and countless hours into it.

You have six friends that can help you with this, before moving ahead.
{{ below questions are just an example, you have to know your friends...oppps I mean questions }}

(1) Why to pursue the idea?
(2) What requirement? Or goals/outcomes you are looking for?
(3) Where: online? a physical shop? properties....etc?
(4) Who will help you? Your team...etc.
(5) When can you start? Or want to see results?
(6) How to start? Move forward? Exit strategy....etc.

 

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[Bourbons]

I just finished reading chapter 39 which is all about execution. I have numerous ideas that I would love to execute, however I'd rather make smart decisions so as not to throw money away. I don't know which idea of mine to pursue. How does one determine if an idea is valid before investing money and countless hours into it. Especially since at the idea stage there are rarely numbers to back anything up.

I assume there is no surefire way of determining this, but there must be ways to tilt the odds in your favor.

What methods do you guys use?

I would love to hear what you all have to say. Thanks.

Try reading The Lean Startup. In summary it gives you a framework for getting feedback and testing ideas with the minimum investment required, I find it really useful when trying a new concept.

 

[Ubermensch]

I just finished reading chapter 39 which is all about execution. I have numerous ideas that I would love to execute, however I'd rather make smart decisions so as not to throw money away.

Good luck with that.

If you've never played piano before, you can't just sit down and start playing the piano.

What makes you think it would be any different with starting a business?

If you don't have time and money to "throw away" (who does?), you should opt for a more guaranteed route of success.

The end game of starting a business is to SELL something, either a product or a service.

At this stage nothing in guaranteed.

Success IS guaranteed if you're selling for a company that already has a sales process set up and running. Success is guaranteed if you start selling for a company that has an established product and service.

Learn how to play the piano by selling, before you try to write your own sonata.

Try reading The Lean Startup. In summary it gives you a framework for getting feedback and testing ideas with the minimum investment required, I find it really useful when trying a new concept.

Everyone has a book recommendation these days.

You learn business by doing, not by reading.

 

[illmasterj]

Following on from @Ubermensch 's points above, when looking for an existing product to sell, I have found this to be an effective "high level evaluation" tool: https://www.thefastlaneforum.com/community/threads/2-minute-test-to-gauge-product-demand.66988/

 

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[Bigguns50]

"Will it Fly " ", by Pat Flynn. https://www.amazon.com/s/ref=nb_sb_...at+flynn&sprefix=will+it+fly,digital-text,155

No, it is not my book nor do I have any financial interest. I just read it.

 

[JacobBW]

The four hour work week has some different validation ideas (may be a little old now, but can be updated). The blog of the same book has a few newer posts on it too.
Personally I've crossed a business idea of my list after actually talking to my market and discovering that there's no need for the service I had in mind - so there was no clear way of monetising.
For another, in using a small budget and doing some Facebook advertising to a landing page - it's helping me know if there is a good market - or if I need to tweak the pitch.

Sent from my Nexus 5 using Tapatalk

 

[Ninjakid]

It's not that linear.

Also it depends on your criteria for a "good idea".

Is a good idea to you what will make you the most money and the most quickly? Or is it about brining something into the world and using your gifts in a way that resonates with you?

A business is not just an idea. It's a structure, a collage, a myriad, or a biosphere even.

Sometimes you won't know if a business is right for you until you've invested the time and money into it. And then what do you do? You change, you adapt, you evolve like we all do throughout our lives. It's happened to me before. I've left a startup simply because I lost interest, and didn't agree with the direction my partners wanted to take it. It happens sometimes.

So my advice to you is to be aware and know yourself. Be aware of your decisions, your values, what result you hope to achieve, and what you're really doing at each present moment.

With your increased awareness, you will know what's right for you.

 

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[OVOvince]

most actionable idea validating method i personally know can be found in "running lean" by ash maurya, the concept is highlighted in the revolutionary "lean startup"

https://leanstack.com/how-i-built-my-minimum-viable-product/

@Digamma what do you think?

 

[AndrewNC]

I just finished reading chapter 39 which is all about execution. I have numerous ideas that I would love to execute, however I'd rather make smart decisions so as not to throw money away. I don't know which idea of mine to pursue. How does one determine if an idea is valid before investing money and countless hours into it. Especially since at the idea stage there are rarely numbers to back anything up.

I assume there is no surefire way of determining this, but there must be ways to tilt the odds in your favor.

What methods do you guys use?

I would love to hear what you all have to say. Thanks.

You won't be wasting time because you will be learning valuable skills along the way - so the only time wasted is the time not pushing forward and learning those skills.

When you learn the skills, one of 2 things will happen:

1. You will succeed.
2. You won't succeed on this idea, but you'll be experienced and get the next one THAT much quicker

 

[Evil_Jester]

Follow MJ's commandments
1) Need 2) Entry 3) Control 4) Scale 5) Time

I set up my first website in february. My original goal was to test for success/failure within 3 months. It turned out to be a failure. My sales funnel was wayyy too long. I can't believe how much I learned during that time. I setup a second website in only a week after that. I'm about to advertise on bing/google ads for the first time. You can't climb mount everest and live without ever climbing small mountains first. Unless you have thousands of dollars to pay people to make sure they get you there

 

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[InnovateDesign]

File for a Provisional Patent Application and see how your ideas do in the market.

I used a guy on Fiverr to write mine and it helped me realize my idea wasn't as good as I though it was after showing it to people.

 

[OldFaithful]

Here's my 0.02

FIRST
Write down all your ideas in a list.

SECOND
Take this advice from @Evil_Jester and evaluate each idea by these 5 commandments. If the idea fails any of the 5 mark it off the list.

Follow MJ's commandments
1) Need 2) Entry 3) Control 4) Scale 5) Time

THIRD
Pick the 1 idea that you think has the greatest potential. Focus on just this 1 project and ignore all the rest. After you have launched this idea and it's making the passive income you want...then and ONLY then, look at the remainder of the list.

FOURTH
Now E X E C U T E !

 

[Guest34764]

You could just get a job at McDonalds. It's safe and secure and you'll get enough money to purchase your very own cardboard box.

 

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[Deleted20833]

Go to craigslist and post whatever idea you have to sell
for a super low credible amount

And see how many leads you get..leads prove interest

 

[urveshvasani]

Talk to your target market. That is literally all you need to do.

Check out the concept of an MVP and read The Lean Startup by Eric Reis.

^uv


Sent from my iPhone using Tapatalk

 

[Ubermensch]

If we put all of the people that have posted this thread in an actual room, I'd believe you'd have a range of intellect and capability.

I wonder how many killers there are out there.

I wonder how many are just salesmen in the making, just waiting for the right opportunity.

A lot of people need to face the serious truth that they will never be able to duplicate MJ DeMarco and his story. His story is a combination of many things, many of which are just not repeatable.

Getting rich in sales IS repeatable. You could literally take a group of 100 potential salesmen, train all of them, and the top 1% of those guys... maybe the top one, two and three... they'll make six figures, and possibly seven figures.

 

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[Salvador8907]

I just finished reading chapter 39 which is all about execution. I have numerous ideas that I would love to execute, however I'd rather make smart decisions so as not to throw money away. I don't know which idea of mine to pursue. How does one determine if an idea is valid before investing money and countless hours into it. Especially since at the idea stage there are rarely numbers to back anything up.

I assume there is no surefire way of determining this, but there must be ways to tilt the odds in your favor.

What methods do you guys use?

I would love to hear what you all have to say. Thanks.

The book says that a good fastlane business, that be liquidated and/or scale-able and/or magnitude, it should meet the commandments of NESCT

 

[Empires]

A lot of people need to face the serious truth that they will never be able to duplicate MJ DeMarco and his story. His story is a combination of many things, many of which are just not repeatable.

Getting rich in sales IS repeatable. You could literally take a group of 100 potential salesmen, train all of them, and the top 1% of those guys... maybe the top one, two and three... they'll make six figures, and possibly seven figures.

You're right that most people won't be able to duplicate MJ's success. But the whole point of the book is to change your mindset and improve your chances at success. And the point isn't duplicating his success, it's taking what he learned and using it to find your own success. However that may be.

Sales isn't repeatable either if only 3 out of 100 will see good success. Nobodies success is completely repeatable. Sales jobs aren't the end all be all solution you make it out to be.

Everybodies situation is different, maybe some don't have the ability to be a leader. Be the number 2 then. Not good as a number 2? Do sales then. There are a lot of ways to success. No one path is right for everybody.

That's what people need to realize. Find your own way.

 

[SparksCW]

I've recently created a sales based start up with a web based platform, we've jumped into it (I brought a business partner onboard) and have spent approx $10,000... site isn't yet complete and we've got no sales lined up so it's starting from scratch and a bit unknown. It should work out but it's taught me a thing or two, whether it becomes a success or not.

I have another web app idea that meets all the commandments, should be relatively easy to produce and has a range of targeted audiences, but I'm going to play this one a bit different....

I'm going to start from the front end and work back, so I will create a basic website showcasing the product as well as a range of targeted landing pages for each industry that it's useful for, I'll create some mock ups and outline the benefits.

I will make sure there is email sign ups on the site and will start doing some basic advertising, mostly Facebook at some very targeted audiences, and will speak to people "in the real world" to start gathering thoughts and ideas.

This way I can see what the general feedback is of the web app before spending money on it, I can produce good enough websites myself so it'll mostly be the cost of the domain/hosting/advertising.

I don't know if it's the right or wrong way, but sometimes jumping into something that requires up front investment is a bit silly if it proves that no one wants the end product, likewise with pricing, if it's too expensive then it's not going to sell. Getting this feedback should help with both of these questions.

You won't validate any ideas without investing time though!! You will also need to invest some money, but you can reduce the amount with research, landing pages, websites, speaking to people etc..

 

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[CaptainAmerica]

Here's an example of idea validation that I went through this morning:

Backstory: I bought a fun little bicycle ice cream cart last year as a way to get out from behind the computer and sell stuff I KNOW people want. (They do too - they come running when they hear the bell.)

Today is a gorgeous sunny day, and the weather's heating up. Do I take the bike out of the shop, or hire someone, or sell it?

My goal is global domination, so the idea of me selling ice cream from a cart doesn't work.
If I hired someone, the state laws would make the venture prohibitively expensive.
If I contracted, I'd give up too much control of the marketing, but still be on the hook legally.
If I rent it for events, I can hire a contractor and still make a bit of cash.
If I sell it, I can quadruple my investment in about 2 hours and free up space in my garage.

Here it is in 2 fast questions:
Does this idea suit my endgame?
Does this idea have immediate CENTS?

Run your brilliant ideas through those 2 questions, and hit on the first one that passes. Now, I'm off to sell the cart!

PS. You like this idea? Check this out! It's possible for this to be a FastLane venture - if you do it right. Don't be the guy pedaling the bike.