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By answering the following 5 basic questions you will know how good your idea is before you quit your day job.
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All results above 80% are excellent
Results between 50%-80% are average
Results between 20%-50% are not good
Results below 20% are very poor and might cause your idea to fail
If your idea scores less than 50% in more than 2 categories it needs to be reviewed to improve the scores of those categories or else get a better business idea and try again.
How novel or unique is your idea?
If a google search shows that this has never been done or patented before, you can either register intellectual property (patent, design or copyright) or you can keep the manufacturing recipe a secret. This will help to create a barrier preventing competitors from entering the market.
What is the risk of your idea failing?
The risk will increase if you have to develop the technology from scratch instead of using a known and proven technology.
The risk will also increase if you do not know which people will buy it.
How much will it cost to develop your idea?
Ideas that require small capital investment to develop and commercialise will start making profit quicker.
How long will it take before you start selling?
The best ideas are simple and easy ones that can start selling as soon as possible.
How much money can your idea potentially make?
The ideas with the biggest potential are those with low cost of manufacturing, high profit margins and will be bought by people of all age, gender and nationalities.
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