Judging Entrepreneurial Ideas

Most entrepreneurs constantly come up with new ideas. Whether they are working on another project, driving, or lying in bed, their minds are constantly churning out new products, services and ways of doing things. For these entrepreneurs, the startup challenge shifts from coming up with ideas to choosing which idea to execute.

There are three initial factors that entrepreneurs must consider when judging their ideas. These factors include the following:

1. Size of opportunity: A good first question for entrepreneurs to answer is whether the opportunity is big enough for them to get an appropriate return on their investment of time, energy, money, etc. If the opportunity is too small, it's probably not worth pursuing.

2. Complexity of opportunity: A second question to ask is how complex the opportunity is. Specifically, how difficult will it to be to execute on the opportunity? Will it require the cooperation of other people or companies who may or may not buy on? Will it require several "moving parts" to function in perfect harmony? If the opportunity is too complex and/or seemingly too difficult to execute, in most cases a different opportunity should be sought.

3. Amount of funding and resources required: An opportunity must be judged with regards to how many resources are required to execute it. Clearly, if the amount of resources is too much, the entrepreneur may not be able to accumulate the resources and/or the return on investment will be reduced.

For example, an idea for a new-and-improved theme park may be a great idea, but the hundreds of millions of dollars and thousands of employees needed to execute it typically exceeds the resource potential of an entrepreneur or small company. Such ideas often can only be implemented by large pubic companies.

Constantly coming up with exciting ideas is the hallmark of most entrepreneurs. Choosing the right one takes careful consideration, and is critical in that it greatly influences whether the ensuing venture is successful or not.

Since its inception, Growthink Business Plans has developed over 200 business plans. Growthink clients have collectively raised over $750 million in financing, launched numerous new product and service lines and gained competitive advantage and market share. Growthink has become the firm of choice for venture capital firms, angel investors, corporations and entrepreneurs in the know. For more information please visit http://www.growthink.com or visit our venture capital placement site at GT Venture Capital.

---

Youth Entrepreneurship, A Disappointing Truth

The psychology of entrepreneurship can be very rewarding to one... Read More

Creativity & Entrepreneurship - Key Questions From My Students

Hello Creative Entrepreneurs!Thought for the day:"It is not easy being... Read More

How To Find Focus And Turn Your Talent Into A Thriving Professional Business

There are tons of books and articles available to help... Read More

Starting Up and Keeping Going

So you had that fantastic business idea, the one that's... Read More

Start a Business Selling Government Surplus

Did you ever wonder what happens to all that government... Read More

A Startup Never Closes

When it comes to a startup, the luxuries shared with... Read More

Coating Service Business Case Study

There are many coating businesses in the market today, but... Read More

How Home-Based Business Entrepreneurs Think

Too many people are trying to start their home businesses... Read More

Entrepreneurs - Your Well Being Should Come Before Profits

I believe the spiritual aspect of life, especially to entrepreneurs,... Read More

5 TIPS for Home-Based Business Entrepreneurs

Have you ever heard that only a small part (5%)... Read More

The Deal is in the Details

What Startups Need to Get a Business Loan, Part 2In... Read More

3 Essential Elements of Operating a Successful Business

Have you ever imagined what it would be like to... Read More

Confidence = Preparation + Courage

It always amazes me when I see someone on television... Read More

Ex-Yankee Pitcher Pitches Barter As Powerful Business Tool

Mission Viejo, CA - June 14, 2005 - Bob Meyer,... Read More

Rambling Confessions of a Recovering Entrepreneur

I told my family that I finally accepted that my... Read More

Designing a Comprehensive Franchise Company Computer System

One of the most important management tools a franchised company... Read More

Be An Entrepreneurial Artist: Paint A Picture, then Commit It to Canvas

James had an original concept and he needed an investor.... Read More

How to Start a Franchise

Franchising InformationFranchise oppotunities are all around us today. You may... Read More

Top 10 Mistakes Entrepreneurs Make Before They Even Start

So you want to start a business. You have an... Read More

Differentiation ? Smart Marketing Strategies for the Solo Entrepreneur

Are you ever frustrated or hesitant when you talk to... Read More

What Makes An Entrepreneur Tick?

It is only natural that when you start a business,... Read More

Be Where the Pucks Going To Be

The "Great One" said it bestHockey legend Wayne Gretzky, when... Read More

Methods of Generating New Ideas for Entrepreneurs

Summary: Even with a wide variety of sources available, coming... Read More

The Danger Of Hate

As you have shown an interest in starting a business... Read More

Book Yourself Solid: The Simple Selling Process

As a service provider you may not want to think... Read More

A Dorm Room With A View

As a senior in high school, he paid cash for... Read More

Competitive Edge

In his book, The Road Ahead, Bill Gates of Microsoft... Read More

Judging Entrepreneurial Ideas

Most entrepreneurs constantly come up with new ideas. Whether they... Read More

Top Ten Ways to Increase Your Profitability

1) Go back to basics. Take a couple of steps... Read More

Staying Ahead of the Perils, Excerpt of Entrepreneurial Motivation Speech

Running a business is not an easy endeavor, it takes... Read More

Entrepreneurship: Insight and Closer Look At The Entrepreneur

Life as an entrepreneur is the American Dream. To be... Read More

How to Be an Entrepreneur and Keep Your Sanity

Define for yourself what an Entrepreneur is:What makes you think... Read More

The Fear Factor

I recently conducted a lil' survey asking my colleagues what... Read More