Tutorial Part 1 - Is Your Business Idea Worth Pursuing?

In Part 1 of this tutorial we ask some preliminary questions about our business idea to determine if there's really an opportunity worth pursuing ...

Overview

As mentioned in a previous article on this topic, let's assume that you have one or more great business ideas that you're serious about, that you have the right reasons for wanting to start a business and that you have a genuine and unwavering commitment to invest the time and/or the money required to get your business idea off the ground if your idea turns out to be worth pursuing.

The process of determining whether or not your business idea is an opportunity worth pursuing, requires two phases of assessment:

1. Organizing Your Thoughts (Basic Research)
2. Financial Analysis

The objective here, is to "disqualify" an unprofitable business idea as quickly as possible using the least amount of time and resources.

You do not want to waste your time entertaining business ideas that are ultimately not worth pursuing.

As you gain more business experience, many of the formulas required to determine the viability of a business idea start to become internalized and intuitive. It is still good practice, however, to do the above assesments in written form, or on a spreadsheet, so that you can look at things more objectively, run it past potential business partners, associates, investors, etc ...and pick up anything that you may have overlooked.

Don't assume that you can assess the viability of a business idea with some quick mental calculations (unless, of course, it's plain to see that the idea should be rejected outright!). If you're in any way inclined to want to go forward with a business idea, you must sit down and do a written, objective assessment, as will be explained in this tutorial.

Your Primary Aim  From: Michael E. Gerber “The E-Myth Revisited” I doubt that by now you'd be surprised to find out that I don't believe your business to be the first order of business on our agenda. You are. Nor will you be surprised to hear that I don't believe your business is your life, though it does and can play a significantly important role in your life. But before you can determine what that role will be, you must ask yourself these questions: What do I value most? What kind of life do I want? What do I want my life to look like, to feel like? Who do I wish to be? Your Primary Aim is the answer to all these ques­tions.

The Tutorial "Part 1 - Is Your Business Idea Worth Pursuing" continues on the next page ...

For more information relating to starting a home based business, or small business, please visit our "resources" section, or go to articles about business startup.

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