007: Eight Thoughts About Developing a Viable Business Idea

In this episode, we will discuss eight thoughts about developing a viable business idea. Lead-off Quote:

Great minds discuss ideas; average minds discuss events; small minds discuss people. ~Eleanor Roosevelt

Central theme:  Eight Thoughts About  Developing  a Viable Business Idea

1. When you start, do not worry about viability.
2. Sometimes the best discoveries come by accident.
3. Look for ideas that require as little capital as possible.
4. Seek out ideas that will general some quick sales.
5. Look for products or services that can withstand your growing pains.
6. Seek to develop a product where there are a quantifiable number of customers.
7. Avoid products that are merely an extension of a competitor’s product.
8. Stay away from products that depend on government approval.

TRANSCRIPTION

as stuck on a Caribbean resort with others. Branson chartered a plane and the airline was born. He did not make the capital investment in the planes until there was a volume. To seek out ideas that will generate some quick sales. The sooner you get a win on the board the better off you are and the more enthusiastic you will be. 5. Look for products or services that can withstand your growing pains. Mediocre performance is not preferred. I get it but sometimes it happens on your way to perfection. 6 seed to develop a product where there are a quantifiable number of customers. Is there a widespread demand for your product or service. 7 avoid products that are merely extensions of competitors products. Develop a target market that is independently stable. For example, if your idea is to develop a LCD lighted cell phone case your business model will change with the latest cell phones. 8 stay away from products that depend on governmental approval. For example pollution control innovations that need to meet regulatory approval even if the approval is forthcoming. It may be unpredictable and take too long. These are just some thoughts to ponder when considering your next great idea. Thank you for listening to this episode of The is my brand protected podcast. Be sure to subscribe and visit us on the web at www.amdlawgroup.com. Safeguarding Your Dreams by protecting your brand.