The top 10 questions would-be entrepreneurs should ask themselves before pursuing an idea for a business:
1. What is new and different about your innovation?
2. What other things like this are out there? Why is yours better?
3. How big is the market? How many people have this problem?
4. How much would it cost to make this product? And what do you think the market will pay?
5. How defensible is the concept? Is there good intellectual property?
6. How is this innovation strategic to my business?
7. How easy is it to communicate the innovation?
8. How could the product evolve? Is there an opportunity to build it out into a product line? Can it be updated/augmented in future versions?
9. Where would someone expect to purchase this product?
10. What will be tricky or difficult in developing this product?
Source: as appeared in The Wall Street Journal, May 9, 2005
Mike Collins, Big Idea Group