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How to Determine You Have a Good Idea

The biggest problem with entrepreneurs is their complete fixation on their product or service. The best way to determine whether an idea is worthwhile is to ask 3 key questions:

  1. What is the problem you are trying to solve
  2. What is the solution you are offering
  3. What is the magic, described in the size of the problem (the market), the uniqueness of the solution and the way you are going to make money (preferably lots of it).

The 3 key questions should be able to be described on one page and in about 30 seconds. If it is a compelling story, you have a good idea. If not, rewrite the story or do not go ahead with this venture.

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