How To Tell An Idea is Not Startup Material

Tip 1 - It's already been done many times

Even if you think your idea is fantastic, you need to look for similar startups and established businesses. If it is something that has been done to death, it is generally a bad idea to pursue it.

Tip 2 - Founders Didn't Do Opportunity Evaluation

Once you feel you have found a problem which is worth solving, then you need to take it through an evaluation process to see if it is feasible (and profitable) as a business.

A lot of people run into problems in business because they have an idea and launch without conducting this kind of analysis. That’s why I am an evangelist for doing an Opportunity Evaluation – because I feel it is absolutely critical to a successful business.

A lot of problems can be avoided by doing this right at the beginning – so don’t miss this step!

BY SUSAN JONES

Tip 3 - It does not solve a problem faced by the masses

Unless your idea is the solution to a widespread problem, it is not a good idea to pursue it. Dream projects are one thing and practical startups are another. If you want your investment to pay off, you need to target a problem that the masses face.

Tip 4 - There is no defined target market for it

It is very important in the early stages to define your target market - the consumers or customers that your service will be aimed at. If you can't define that, your idea is most likely going to fail.