Evaluating Ideas-Study One-Topic Two

Watch the video above and reflect on the differences between these business idea evaluating strategies:

START WITH THE END IN MIND:
Start with a specific result in mind and then form your plan on how you will achieve this goal(working backwards from your goal)
-Follow with your market research 
-Market gap
-Resources people/connections
-Knowledge 

BIRD IN HAND PRINCIPLE:
Instead of starting with a specific goal they use oppurtunies, resources, knowledge, people that the have around them. They then add it all together to come up with a specific goal or business idea. You can start with what you have and get going today-make it happen now instead of waiting for the perfect circumstance.

What factors would you take into account when you're evaluating whether or not you will go ahead with the idea?

CAN YOU DO IT?
How much money is needed to start the business and how much money do you have.
Do you have the knowledge to start the business
Do you have the physcial resources to start the business and what percentage of those resources do you currently have.
Do you have the people and contacts to start your business

WILL YOU DO IT/
How certain are you that you WANT to start the business, and how certain are you that you CAN. You also need to have the BELIEF 
How certain are you that you WILLstart the business, and do you have the discipline to do the work that needs to be done as well as the TIME.

WILL PEOPLE BUY IT?
Pick a business idea that the market actually wants. Businesses that have a high first year in sales tend to become high growth companies. research customers interest before launching a product.