Saturday, May 04, 2013

Testing. Testing. Testing.

How do you know if your new business idea has the wings to take off and soar?

In many ways, you don’t but according to Anastasia Valentine, you can give it a go, but only after you have done your due diligence.

Now for some entrepreneurs who prefer to live on the edge and take a risk without too much thought and effort, this may seem like the kiss of death to creativity.  But she has a point and as she explained, all ideas are valuable, but not all are profitable. 

So before you sink too much money, time and resources into the next brainwave, better to check it out and think it through first.

She compares this “testing” period to a relationship and gave the following advice:

  • First you have to socialize/date your idea. 
  • Ask yourself will customers buy it and at what price?  
  • Test your idea. Pull together ten people you trust who will give you an honest answer, not just humour you.  There’s too much at stake to just have folks give you a complacent nod, without much real thought to what you are suggesting.
  • Explain what you want to do.
  •  Listen. 
  • If after this feedback, you are still in love with the idea, then you are more ready to make a commitment.

Most entrepreneurs, observed Anastasia, have an idea inventory, and when you are looking at growth options, flush out your top three big money-making ideas, and maybe two low cost ideas that have a high return.   Pick one and go for it.

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