6 questions that will help you evaluate the potential of a business idea and implement it on time
Miscellaneous / / February 16, 2022
Sometimes the realization of even the most brilliant idea is better to postpone.
Why is it important to choose the right time to implement an idea?
The time to launch a business project is a key success factor. If you start too early, even the most interesting idea can be seriously harmed.
Recall the Google Glass smart glasses project, which launchedGoogle Glass / Wikipedia in April 2013 and closed in 2015. During these two years, progress has been very little. This led to discussions about whether this was a finished product or just a prototype. Despite flamboyant attempts to promote the project with the help of skydivers and fashion shows, Google Glass has not brought anything revolutionary to the industry.
The iPhone is another matter. For the first time Steve Jobs I thought about creating a smartphone back in 2001. Nevertheless, the head of Apple refused to launch the project for several years. The main resources of the company continued to be used to develop existing areas, and only a few engineers were engaged in studying the viability of the idea and creating prototypes of the iPhone. Officially, the project was established only in 2004 - three years after the first idea.
These two examples prove what to choose right moment to attract resources to a new project is incredibly important. And first of all, you need to understand how viable the idea is.
What questions will help you choose the right time to launch
1. Have they done this before?
The answer will allow you to understand whether there is a place in the market for your product or service. Analyze what customer problem your project can solve and whether there are companies that are already solving it.
If there is, most likely you will have to face experienced, firmly standing competitors. In this case, it is important to understand how your project differs from others and what niche in the market you want to occupy with it. How newer idea, the more time it will take to explore its potential.
2. Is the project directly related to your business or are you trying yourself in a new area?
A large number of projects, especially in an unfamiliar area, puts the company in a risky position. It is best to distribute the load as follows: 60% - to the core business, 30% - to related areas, 10% - to radically opposite areas.
3. Do you have any idea how the finished project should look like?
Calculate how many basic requirements for the implementation of the project you have already taken into account. If you have less than 50% clarity on what an idea will bring, it's worth continuing the study. So you clearly define what your steps should be.
Traditional project management theory teaches us to understand 100% of the requirements in the beginning, but this is rarely possible in reality. Set yourself a bar of 80-90% before moving on to the realization of the idea.
4. How much money should be invested in the project?
In response, you can include all the resources that will be spent on the implementation of the idea: financial, personal, temporary. This will allow you to determine whether you pull the implementation yourself or have to seek help from the outside. Do not forget that new projects are expensive and usually take much more money, time and effort than planned. Therefore, before moving on to the implementation of the idea, figure out who will pay for it, how many months or even years you will spend and whether you have the necessary resources.
5. Are other companies or entrepreneurs ready to invest in the project?
Often brilliant ideas and undertakings fail due to lack of investment or lack of interest from investors. While exploring the potential of a new project, try to unite people around it. This will increase its viability. Ask yourself if there will be interest in your idea and if you will get support from serious investors. If the answers are positive, then other resources will not keep you waiting.
6. What are the project implementation timelines?
Projects that are constantly delayed when they should already be implemented are quite costly and rarely bring satisfactory results. Make a schedule with deadlines for everyone stage of development. It will help not only evaluate the effectiveness of the project, but also organize the team. Particular care should be taken with undertakings that have not passed the stage of study.
While working on any project, there comes a critical point when you need to either abandon the idea or start actively developing it. Therefore, it is best to officially launch the project after you have answered all the basic questions, and not before. It is important at the very beginning to deal with resources, form a team, set goals and set a deadline. When the project finally launches, it must be absolutely ready to go in order to skyrocket upwards, making a profit.
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