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How to Tell if You Have a Great Idea

In the Secret Entourage community, a day doesn’t go by without us seeing new entrepreneurs speak of new ideas and new businesses they want to start.  After reading all of them, we decided to bring you a few ways to gauge if you are on the right path with your business idea.

We are sure that by now you’ve heard the line “an idea is only as good as the execution behind it.”  Through years of mentorship and consulting others on how to launch business ideas, we have examined a few ways to determine if your idea is as solid as you want it to be.

Why you?

As most business ideas must start somewhere, they initially start with you.  You, as the individual who has the idea and vision for the business, must determine why you are the best candidate to bringing it to life.  If you think about yourself from an experience standpoint, perhaps you can determine why or what skillsets you have that makes you the best individual to lead this project.  The road ahead will be extremely difficult with or without partners and will require you to believe in yourself and understand all your own strengths and weaknesses, which leads us to believe that you should easily be able to answer this question and convince anyone with your answer.  If you cannot answer, then perhaps it is not the best idea or course of action to follow.

Why hasn’t it been done before?

You probably were not the only one on earth who felt there was a void where you saw one, or perhaps you were. Nonetheless, it is important for you to identify why a major corporation or another entrepreneur in the field hasn’t come up with the idea and do more research around the logistics of your idea. Logistics include legalities, licensing (where applicable), the market and the client base but is not only limited to those.  Understanding if others have failed in the field will also be important if you plan to not be stopped by common obstacles.

What if nothing happens?

A reality every entrepreneur is faced with when starting an idea, is the possibility that all the work, money and time goes into creating nothing.  A failed idea is always a possibility even though ideas don’t fail, only the execution itself can.  You must be prepared for a backup plan in terms of execution in case all the possible routes are exhausted.  Ideas that are ‘do or die’ often fail due to poor motives and poor executions driven only by money.

Ideas are nothing without the proper execution.Hope, unfortunately, is not always a good strategy.  Having a clear understanding of your own capacity as it pertains to your project and how your past experiences will play in the execution of it, is how you can determine if you should undertake your own idea or perhaps leave it to someone else.

With all this put on the plate for you, consider having perseverance throughout your adventure of becoming  a successful entrepreneur.  You are the only one holding the steering wheel to get you to your final destination and that is your idea to a great business.

The value of an idea lies in the using of it. – Thomas A. Edison