Ideas are unborn babies which can be easily be tested using 3 analyzing steps to become a revenue generating business.
Concepts and Careers
Jigarjit Singh
While we have heard entrepreneurs referring to their business as babies, the ideas in the mind which are capable of generating any kind of revenue is your unborn baby which needs to be nurtured and given proper nutrition and care to build it to a level of working concept.
Three steps to check if your idea will work?
- Write an overview of the idea
Enlist the basic requirements which are needed to bring your idea to life. It should also include market research and a complete overview answering the questions like what it will take?, what it will bring?, who will it serve?, who are the competition etc. - Resources required till estimated breakeven point
Breakeven it means a point on the accounts charts where your invested resources and initial investment are covered by a stream of revenue and the profit generation starts. - Time required
Calculate the time required to gather resources and then to allocate the resources till the time it reaches breakeven point.
After analyzing this data collected you would know is it worth taking this risk or taking the easier job route which is less riskier.
It is pretty difficult at the initial stages but gradually you get hold of how they should be done which makes it easier and smoother because at the end of a successful idea their stands a proud, experienced father who gave birth to business, who had the will to take that risk.