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About Everything Wiki » Business » 6 questions that will help you assess the potential of a business idea and implement it on time

6 questions that will help you assess the potential of a business idea and implement it on time

27 Jan 2024, 00:02, parser
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Why is it important to choose the right time to implement an idea

The launch time of a business project is a key success factor. If you start too early, even the most interesting idea can be seriously harmed.

Remember the Google Glass smart glasses project that was launched Google Glass / Wikipedia in April 2013, and closed in 2015. During these two years, the progress has been quite insignificant. This led to discussions about whether it was a finished product or just a prototype. Despite the vivid attempts to advertise the project with the help of parachutists and fashion shows, Google Glass has not brought anything revolutionary to the industry.

The iPhone is another matter. For the first time Steve Jobs thought about creating a smartphone back in 2001. Nevertheless, the head of Apple refused to launch the project for several years. The company's main resources continued to be used to develop existing areas, and only a few engineers studied the viability of the idea and created prototypes of the iPhone. The project was officially established only in 2004 — three years after the first idea.

These two examples prove that choosing the 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 a good time to launch

1. Have you done this before?

The answer will help you understand whether there is a place for your product or service on the market. Analyze which 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, well-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. The newer the 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 field?

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% — on the main business, 30% — on related areas, 10% — on radically opposite directions.

3. Do you have any idea what the project should look like when finished?

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 the idea will bring, it is worth continuing the study. This way you will clearly define what your steps should be.

Traditional project management theory teaches us that at the very beginning you need to understand 100% of the requirements, but this is rarely possible in reality. Set yourself a bar of 80-90% before moving towards the realization of an idea.

4. How much money do I need to invest 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 will 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 proceeding 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 initiatives fail due to lack of investment or lack of interest from investors. While exploring the potential of a new project, try to bring people together around it. This will increase its viability. Ask yourself if there will be interest in your idea and if you will receive support from serious investors. If the answers are positive, then other resources will not keep you waiting.

6. What are the deadlines for the implementation of the project?

Projects that are constantly postponed, although they should already be implemented, turn out to be quite expensive and rarely bring satisfactory results. Make a schedule with deadlines for each stage of development. It will help not only to evaluate the effectiveness of the project, but also to organize the team. Especially careful 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 either need to abandon an idea or start actively developing it. Therefore, it is best to officially launch the project after you answer all the basic questions, and not before. It is important to deal with resources at the very beginning, form a team, set goals and set a deadline. When the project finally launches, it must be absolutely ready to work in order to rise rapidly, bringing profit.

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