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Judging Entrepreneurial Ideas

Most entrepreneurs constantly come up with new ideas. Whether they are working on another project, driving, or lying in bed, their minds are constantly churning out new products, services and ways of doing things. For these entrepreneurs, the startup challenge shifts from coming up with ideas to choosing which idea to execute.

There are three initial factors that entrepreneurs must consider when judging their ideas. These factors include the following:

1. Size of opportunity: A good first question for entrepreneurs to answer is whether the opportunity is big enough for them to get an appropriate return on their investment of time, energy, money, etc. If the opportunity is too small, it's probably not worth pursuing.

2. Complexity of opportunity: A second question to ask is how complex the opportunity is. Specifically, how difficult will it to be to execute on the opportunity? Will it require the cooperation of other people or companies who may or may not buy on? Will it require several "moving parts" to function in perfect harmony? If the opportunity is too complex and/or seemingly too difficult to execute, in most cases a different opportunity should be sought.

3. Amount of funding and resources required: An opportunity must be judged with regards to how many resources are required to execute it. Clearly, if the amount of resources is too much, the entrepreneur may not be able to accumulate the resources and/or the return on investment will be reduced.

For example, an idea for a new-and-improved theme park may be a great idea, but the hundreds of millions of dollars and thousands of employees needed to execute it typically exceeds the resource potential of an entrepreneur or small company. Such ideas often can only be implemented by large pubic companies.

Constantly coming up with exciting ideas is the hallmark of most entrepreneurs. Choosing the right one takes careful consideration, and is critical in that it greatly influences whether the ensuing venture is successful or not.

Since its inception, Growthink Business Plans has developed over 200 business plans. Growthink clients have collectively raised over $750 million in financing, launched numerous new product and service lines and gained competitive advantage and market share. Growthink has become the firm of choice for venture capital firms, angel investors, corporations and entrepreneurs in the know. For more information please visit http://www.growthink.com or visit our venture capital placement site at GT Venture Capital.

In The News:

Hong Kong set for more protests despite extradition bill suspension
Sun, 16 Jun 2019 03:33:00 +0100
Hong Kong is preparing for more huge protests today over the controversial and unpopular extradition bill that has come under heavy criticism.

Appeasement in Hong Kong fails as divisions deepen
Sat, 15 Jun 2019 17:53:00 +0100
On a bridge by Hong Kong's government headquarters, messages to the authorities plaster the walls.

Let's hope the UK has a strategy to protect its tech from espionage and rivalry
Sun, 16 Jun 2019 05:37:00 +0100


Priests wear hard hats at first Notre Dame mass since fire
Sat, 15 Jun 2019 18:43:00 +0100
Notre Dame in Paris held its first Mass since the fire which caused enormous damage to the cathedral's roof and destroyed its spire.

India face Pakistan in 'mother of all matches' at Cricket World Cup
Sat, 15 Jun 2019 16:22:00 +0100
Billions of eyes will be fixed on one of the biggest sporting fixtures in the world as neighbouring countries and arch rivals, India and Pakistan, go head to head in what is expected to be a thrilling Cricket World Cup showdown in Manchester on Sunday. 



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