As a serial Entrepreneur, I’m regularly evaluating new business ideas. Whether these ideas involve launching a new company or adding a new product line to an existing company, I tend to evaluate the opportunity based upon six specific criteria.
Criteria #1: Can I clearly define the market and direct my advertising efforts to target the prospects with laser-like precision?
Criteria #2: Does the idea solve a real problem?
Back in 2010, venture capitalists dumped $1.67 billion into social media companies. I don’t have any major objection to social media companies, but I have a hard time seeing how most of these companies solve any real problem
Criteria #3: Is it scalable?
Criteria #4: Is there a special advantage I can leverage?
Criteria #5: Does it fit within my core objectives?
Criteria #6: Can I build an immediate feedback loop by defining and watching key numbers?
People who should listen to this show are entrepreneurs,
