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How to know if a business idea / product is possible?

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EthanBarr

New Contributor
Sep 22, 2020
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I was thinking about business ideas and realized that in order for a new innovative technology to really supply needs in this time it has to be great. This is what led me in to thinking what do I do if I have random products or idea that I don't know if it is good or not and before I do anything else I want to test them so I can see if they could even exist.

For Example:
Elon Musk was talking in an interview about neural ink and was getting asked about some futuristic type questions. In one of them he was adding on to his response stating that he could even see a brain internet in the future. How would he know if that's even possible before creating the product.

One problem with this is that people like Elon Musk can actually try and innovate the world because they have money to do it. How do we test theroies and ideas without hiring people to think about it or renting lab equipment hardware.

The second problem is that if I were trying to test these ideas I would have so many to test but can't because its so expensive and time consuming just to test one that I don't even know is good or not. How can someone test products / ideas / theories / without it costing a shit ton of money or spend all the time learning all the technical stuff yourself?
 

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dario

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Nov 14, 2012
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Try to pre-sell your product / service and see how many people are interested.
THEN you decide if going on with your idea is a wise thing to do
 

Kevin88660

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Feb 8, 2019
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I was thinking about business ideas and realized that in order for a new innovative technology to really supply needs in this time it has to be great. This is what led me in to thinking what do I do if I have random products or idea that I don't know if it is good or not and before I do anything else I want to test them so I can see if they could even exist.

For Example:
Elon Musk was talking in an interview about neural ink and was getting asked about some futuristic type questions. In one of them he was adding on to his response stating that he could even see a brain internet in the future. How would he know if that's even possible before creating the product.

One problem with this is that people like Elon Musk can actually try and innovate the world because they have money to do it. How do we test theroies and ideas without hiring people to think about it or renting lab equipment hardware.

The second problem is that if I were trying to test these ideas I would have so many to test but can't because its so expensive and time consuming just to test one that I don't even know is good or not. How can someone test products / ideas / theories / without it costing a shit ton of money or spend all the time learning all the technical stuff yourself?
Elon Musk is good in picking a project and building the narrative about it.

You have to keep burning rounds and rounds of cash. The idea itself must be good and socially acceptable/trendy. He must be able to generate narratives and future Vision about it. Then the money will come.

And when the money you have to hire people to do the work and expand the narrative, and get the next round of investment.

Unless you are an absolute fraud like theranos or cooking the sales number like luckin Coffee, when you throw enough money into it for such a long time horizon some research miracles will happen.

Basically Elon is doing things that will take so long to be Profitable..these were used to be done by governments only because private capital have no such patience. But since so few people are interested there is like little competition. Who wants to build rockets? The Amazon empire with razor thin margin is another example, pushing to build scale.

It wouldn’t be possible if we are in another er. This is the era of low interest rate and high expectation on capital appreciation (thanks to fed). Elon’s ability to work hard and generate narratives at the same time is what keep his investors happy- capital appreciation in the stock market.
 

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