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How Do I Know If My Business Idea Sucks?

December 15, 2008

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Dear Tim,

I have an idea for a business and I don’t know if it’s a good idea or not. All my friends think it sounds good but how can you tell if something will really take off or not.

Rick

Dear Rick,

You will know if it’s a good idea or not soon enough because one of your so-called friends is probably working harder than you right now and hesistating less than you to get your idea onto the market and to start making money.

Assuming they are slower than you, your question is – how do I know if people are going to pay money to me or not? If you aren’t asking this question you either have people paying you money already (in which case you are in the top 10% of entrepreneurs from the start) or you have invented yourself a hobby.

If one person has paid you then they have found your idea good enough to go to the point of digging out their wallet. So, why? Will they buy again? Will they talk with their friends? If so, welcome to the wonderful world of free enterprise.

If no one has paid you then are you doing the idea for me (Joe Schmoe/Joanne Schmoanne) or for you? If it’s for you why would I give money to you to do it? There are billions of great ways in the world to make no money. There are ways to make yourself famous and make no money. Now with the internet you can be globally famous and make no money.

Make the idea simple, lovable, and saleable. Otherwise enjoy your new found hobby.

Your sincerely…

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