Starting any new venture, small or large, requires an investment of resources that could be spent more profitably elsewhere.
Many people jump right into starting a new project because they have a ‘gut feeling’ it will be successful, rather than any solid facts.
The result might be a big money-earner, could be mediocre, or could end up becoming a money pit that drains valuable resources.
Nothing is a given, but why take more risk than you have to?
Smart entrepreneurs do the groundwork testing of an idea before they decide to go ahead with it at all.
That way, they can make sure that both their time and money are well spent on the ventures that have the most likelihood of success.
However, most small business owners and entrepreneurs don’t take a very structured approach to figuring out whether to pursue an idea. Luckily there is a 4-Step Process to follow in Testing Your Big Idea.
Inside the book you’ll find:
- Introduction – Why Test Your Idea?
- Step 1 – Evaluate the Market Profitability Potential
- Step 2 – Determine Consumer Demand
- Step 3 – Assess the Longevity Potential
- Step 4 – Determine Your Competitive Potential
- Conclusion – Review and Action Planning
