Everyone, from the most ambitious and practical of people to the absurd dreamers, have had that one idea that they are convinced is going to change the world…and make them a boatload of cash. Immediately they’re told by spectators and critics that ideas are only as strong as the work ethic that drives their implementation to fruition. They’re told that if they work hard enough than they’ll be able get their idea off the ground and accomplish any other professional endeavor to which they lend their time and efforts. Is this, however, always correct; or are some ideas just destined to stay in our minds?
When we’re examining whether we can realistically monetize the contents of our brains, there are a few critical questions we must ask ourselves to gauge the viability of our idea as an actual profitable business model. First, we should determine if there’s an actual market for idea. We should have a clear idea of who would need our product and whether that population will wind up being big enough to start a company. There are niche markets and there are markets that simply aren’t worth our time, it’s important to understand the distinction prior to allocating our time and resources.
It’s also critical to assess the originality of our ideas and whether there are similar products out there already being sold. Are we offering an innovation that’s going to improve our customers’ quality of life? Is the innovation significant enough to base our careers on? Have we done enough market research to assess whether someone else is offering the same thing? A hearty and steadfast belief in our ideas is critical to our success; however, so is a sense of realism regarding the quality of our ideas and the ability to see them to the finish line.
