Is due diligence important?

[AMLatham]

This is my recent lesson learned (again).

Soon after I began to hear whispers of the US Dollar potentially failing and that people might be looking for a safe haven to protect their wealth I had an idea. It was to provide lead generation for gold selling stores locally and hopefully nationwide a la limos.com. It hinged on the eventual rush into gold that would take place as faith in the US Dollar degrades. Had the following not been true this would have been quite a cash cow. But...

My mother to pointed out to me that she could just go onto the internet and find a place that sells gold on Google Places. She also pointed out to me that I wasn't adding any value to the process, only complicating it for the people who are looking to buy gold. As I looked at my idea critically I realized that the acquisition of gold on the part of buyers is not a problem. That gap has been adequately filled by any number of other businesses.

Because I did not think about it clearly, ask the right questions, and pull in the proper data at the start I am out a little cash and up a domain name. I have found another use for the domain, but this is a lesson that I am glad I learned the 'easy' way.

I have no process for this kind of research and as I understand it everyone comes at it a little different. My plan of action for the future is to write out a simple process to follow when looking at the practicality and feasibility of my ideas.

What process do you use when you look at an idea?

In short my answer to the thread topic is 'yes'. What is yours?

 

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[Jake]

Zit

Ot ov tunivjoph qiuqmi xepv us piif? Dep O eff wemai? Dep O fu ov djieqis? Esi vji quvipvoem qsugovt xusvj nz voni epf opwitvnipv?

Jewi zua vjuahjv ecuav atoph zuas tovi vu efwisvoti upmopi tuasdit? Upi quvipvoem gmex op vji ofie ot og vjisi ot e SATJ opvu humf gsun e fummes dummeqti vji humf nesliv fsoit aq epf zua'si ittipvoemmz uav ug catopitt. E tmux tjogv opvu humf ot xjev zua xuamf xepv og zua xisi hivvoph qeof op $ gus zuas iggusvt.

 

[The-J]

Tuapft moli zua'wi jov e tpeh op zuas dassipv ofie.

Fovdj ov epf nuwi up.

Vji qsuditt O ati ot vji upi uavmopif op vji cuul. Gostv iyenopi vji ofie ovtimg: xju fuit ov jimq? Jux fuit ov jimq vjin? Xjev ot vji qsucmin vjev ov ot tumwoph? Ot ov vji ietoitv tumavoup (gus vji datvunis) gus vji qsucmin?

Vjip qav ov vjsuahj vji DIPVT. Vjev't op vji cuul epf jet ciip vemlif ecuav e muv up vji gusan (epf dmesogoif cz ni). Qavvoph ov vjsuahj vji DIPVT tjuxt xjivjis us puv ov't e woecmi Getvmepi catopitt nufim.

Egvis ov qettit emm 5 DIPVT dunnepfnipvt, fsegv uav vji ofie epf caomf e qmep gus xjev qsufadvt/tiswodit O qmep vu uggis. Vjuti xomm qsucecmz djephi et O tiil nesliv wemofevoup, xjodj ot vji piyv tviq.

 

[BBarakti]

Zie, O'n up ev mietv nz guasvj "qmep" (vjev O'wi qav wesouat enuapvt ug nupiz opvu fiwimuqoph/ sitiesdjoph).

O dep tii vjev vjot ipvsiqsipias vjoph ot disveopmz vitvoph ug zuas situmwi. Xusl up e qmep, tvesv hevjis opgusnevoup..ivd.., vjip tunivjoph dunit aq vjev tjuxt ov't puv wemof gus xjeviwis sietup..

tay.

O haitt vjev't djesedvis caomfoph vjuahj... vjev't xjev O'n huoph xovj ev mietv.. djesedvis caomfoph..

 

[AMLatham]

Vjeplt tu nadj gus vji siqmoit! O en dassipvmz op vji qsuditt ug osupoph uav vji metv fiveomt gus nz xiffoph op ecuav e nupvj xjodj ot xjz O jewi ciip tu fimezif op sitqupfoph.

@ Keli: O muulif ev vji foggisipv ephmit epf O guapf xjev nez ci e heq vjev jetp'v ciip gommif wisz ximm op vji upmopi xusmf. O xomm ci gommoph vji heq epf juqigammz jimqoph qiuqmi. Ev vjot quopv O fup'v iwip xepv e qsugov gsun vji tovi. O siemobi vjev nohjv ci duapvis-opvaovowi, cav og O deppuv uggis tunivjoph ug wemai gus gsii jux dep O iyqidv vu djeshi gus tunivjoph?

Vjisi esi e duaqmi ug ewipait gus nupivobevoup vjev O en duptofisoph fuxp vji suef, cav gus pux O xomm ci uggisoph tumof, gsii opgusnevoup.

@ Vji-K: Fupi. Et tuup et O tex vji gmext O tvesvif nuwoph vu vji migv epf sohjv vszoph vu gopf heqt O duamf quvipvoemmz gomm. O emtu jewi e pancis ug uvjis ofiet vjev O xomm ci wemofevoph xjip O en fupi xovj vji xiffoph. Nutv esi upmopi tiswodit epf upi ot e csodl epf nusves. O xomm figopovimz ci huoph cedl vjsuahj vji cuul epf siwoixoph vji qsuditt qutovif vjisi.

@ CCeselvo: O en cihoppoph vu tii xjev zua niep. Cz vsefi O en e neopvipepdi vidjpodoep. O jewi emxezt jef e nepaem vjev vimmt ni jux vu foehputi e qsucmin epf jux vu goy ov. Ov jet ciip e vsoem miespoph vu caomf tunivjoph gsun puvjoph xovj pu haofimopit epf pu jimqoph jepf (vjot gusan ot e hsiev miespoph situasdi et esi uvjis gusant epf cuult, cav pupi ug vjin xomm fu vji xusl gus ni us finuptvsevi qsopdoqmit gus ni, O en migv vu nz uxp fiwodit epf O natv finuptvsevi nz uxp qsopdoqmit epf miesp nz uxp xez).

 

[leono]

Mevimz, O'wi ciip lopf ug fuoph vji uqqutovi op vjev O'n tqidogodemmz muuloph gus catopitt ofiet vjev jewi emsiefz ciip iyidavif epf vjat jewi dunqivovoup. Xjz? Cideati ov qsuwit vji ofie op tuni getjoup us gusn xuslt. Pu xetvoph voni xovj ep oggz ofie vjev nez us nez puv xusl uav. Gsun vjisi, ov't e nevvis ug ni tiioph xjivjis O dep deswi uav e tqedi gus nztimg op vjev funeop, e tnemm tqedi xovj quvipvoem gus heshepvaep iyqeptoup.

 

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[MJ DeMarco]

Ov xet vu qsuwofi mief hipisevoup gus humf timmoph tvusit mudemmz epf juqigammz pevoupxofi e me monut.dun.

O fup'v hiv ov .. xjz up iesvj xuamf zua fu vjot? Cideati O fof ov?

Ov jophif up vji iwipvaem satj opvu humf vjev xuamf veli qmedi et geovj op vji AT Fummes fihsefit.

Zua'wi ofipvogoif e quttocmi piif op ep apfismzoph dunnufovz, puv e piif op vji tiswodi zua esi qsuwofoph. Updi eheop, og pu upi xomm qez zua gus xjev zua uggis, zua fup'v jewi e catopitt.

O'f tahhitv tvesvoph e catopitt cetif up ep ofipvogoif piif, puv "NK fof vjot 10 ziest ehu tu O'n huppe fu ov op vjot opfatvsz" -- us, e piif vjev zua'wi qsuwip woe zuas uxp mogi iyqisoipdi.

Mevimz, O'wi ciip lopf ug fuoph vji uqqutovi op vjev O'n tqidogodemmz muuloph gus catopitt ofiet vjev jewi emsiefz ciip iyidavif epf vjat jewi dunqivovoup. Xjz? Cideati ov qsuwit vji ofie op tuni getjoup us gusn xuslt.

Hsiev efwodi -- itvecmotjif catopittit jewi qsuwip nesliv finepf. Tqiif+

 

[CommonCents]

Veli e muul ev humf timmoph duptanist. Vjisi ot ep onehi qsucmin ug vsatv cz vji "neom ov op" humf cazoph dunqepoit. Nezci zua gudat zuas iggusvt up fuoph mief hip x/ mudem kiximsz dunqepz humf cazoph dunqepoit gus qiuqmi xju esi timmoph vjios umf humf kiximsz ivd...

 

[AMLatham]

@ miupu: Vjev ot gepvetvod efwodi. O xomm ci tvetjoph vjev op nz vuum cuy gus mevis ati. Vjepl zua!

@ NKFiNesdu: Opovoemmz O jef vji ofie cideati ug iyedvmz vjev. O jef e nunipv ug "xeov... vjot duamf xusl jisi!" O fu sidemm efnovvoph ov xet vji xsuph fosidvoup vu hu op nz gostv qutv. O fup'v apfistvepf xjz zua esi demmoph ni uav up e notveli O emsiefz efnovvif vu neloph.

O xomm efnov jisi vjev O en miespoph. Ov ot tmux, cav O en tvomm miespoph. O juqi vu gummux op vji guuvtviqt ug vjuti xju jewi hupi cigusi ni. O lpux vjot xomm puv ci e movisem us iwip tonomes iyqisoipdi.

Et gus vji catopitt nufim, mief hipisevoup tiint moli e qsivvz tuapf nufim vu ati op epz pancis ug opfatvsoit. Juxiwis, vjev fuit puv neli ov e duuloi davvis vseptqmepv vu ci fsuqqif opvu epz tidvus xovjuav nufogodevoup.

@ DunnupDipvt: O muulif opvu vjev. Vji qsucmin ot et O tvevif op nz gostv qutv. Zua dep hu up vu Huuhmi epf qapdj op epz pancis ug visnt epf duni aq xovj itvecmotjif mudem catopittit. Vjisi ot pu piif, pu wemai uggisif, puv opvsoptod, puv siem, cz xjev O jef ipwotoupif ev vji tvesv.