Finding the right idea for a business is hard. It’s easy to fall in love with your idea and hard to throw it out. The longer it’s alive, the more dangerous it potentially becomes.
Below is an idea of what I call “the 5-minute business idea check”.
The 5-minute business idea check
Answer the following questions in order:
1. What is the problem your idea is solving?
– How will you prove that it is a real problem?
2. Are people spending money to solve the problem today?
– How can you prove that they are spending money to solve the problem?
3. How are people solving the problem today?
– How can you prove that these are the current solutions to the problem?
4. What is wrong or broken with the current way of solving the problem?
– How can you prove that the current solution is broken in the way you argue?
To save yourself time I encourage you to take the 5-minute test before moving to quantify market, growth rates, defining the business models, etc.