Small Business Academy

17 May

5/17/2012

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Q: How should an entrepreneur evaluate their ideas to decide which one is viable and the most lucrative? What are the criteria that one should consider in deciding which project to start? Which questions does one need to ask her/himself?

Knowing if your idea is viable or not before you sink everything you have into it is an essential first step. However, like my reader above how do you know if your idea is will be profitable or not? I recently created a Small Business Startup Toolkit that walks you through each step before you invest a ton of money, time, and resources (available at AlexzandraD.com). If you are considering starting you own business you will need to start by asking yourself a few pointed questions.

1. Do you have the lifestyle that would allow you to work the kind of hours you will need to, especially the first year?

2. Is my target customer or client currently experiencing and urgent need that is accompanied by a strong motivational emotion such as worry, concern, or fear that my product or service could solve?

3. Is my target customer currently and actively searching for a solution to their problem?

4. Does my customer or client currently have other options that are available to them to adequately meet their need?

5. Is their a significant number of people currently looking for a solution? 

6. How can I offer my product or service to my customer or client to meet their current need?

7. Where are my customers or clients currently searching for solutions that I could also find and participate?

8. Does you product or service fall into one of the three most successful niche market categories of Health, Wealth, and Relationship Happiness?

9. Using your product or service how can your target customer or client solve their most urgent need?

If you were able to give solid answers to each of these questions then it is quite possible that you may have a winning idea! Now you are ready for the next step. However, if this is your first time in the small business world I would strongly advise you to get a copy of The Princeton Principle and the Small Business Success Toolkit. Both will save you years of mistakes and wasted money. I hope this has given you a little guidance. If you need more in depth help please feel free to contact me on me website. You will find that a lot more detailed information than what I can provide to you here.

In the meanwhile I have a parting gift for you. I have just recently released a videos series with tons of information to help you really jump-start your business this year. Just go to http://www.alexzandrad.com/Pages/SuccessBlog.aspx and enter you email address. The entire series will be delivered right to your inbox and there is absolutely no charge! You can also leave your comments or questions just under each video. I love hearing from you and it helps me create even more meaningful products and services for you, so keep them coming. Good luck!

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