Ideas are important and so is execution to implement those ideas. They go hand in hand.
But how do you decide if an idea is worth pursuing? I did a bit of research of how to vet out business ideas. One system of vetting that I came across was from the Fizzle podcast:
Corbett’s Vetting List
- Demand — is it something people want?
- Competition — who else is doing it? Are they successful?
- Care — how much personal interest do you have in this topic?
- Expertise — how much do you know about this topic?
- Specificity — how broad or narrow will your lens on this topic be?
- Differentiation — how will you differentiate yourself from others in this market?
- Likability of Customers — do you like them now? Will you like them later?
- Can/Will They Pay — do they have moneys and will they share those moneys with you to solve this problem you’re helping them with?
- Lifestyle — if this became successful, what would your life look like? Would this be a 200 person company? A single laptop on a beach? Does that fit with your personal goals?
That is a great list! But since I operate via a muse I only want to go to the things that pull me. Instead of finding if there is a demand, I want to pursue something that attracts me and then see if there is a way to link that to an existing demand.
So I looked for non-conventional ways to prototype my ideas. I came across this really great slideshow by Izac Ross that uses story/narrative to help feel out ideas:
So for me, I think I would need to rewrite Corbett’s list with a more finely tuned narrative focus:
- Needs Met — what story would people tell when they come across the potential business idea?
- Captains of Industry — what is the inspirational heroes of the industry?
- Fit — how much passion does this topic have for you?
- Strengths & Weaknesses — where does this business idea fit your abilities?
- Quest — if successful or not, what would you gain or lose in this undertaking?
The purpose of this second list is to avoid the technical questions until you know this is something that you want to build your life around. For me, I have always loved games-related endeavors and can happily invest unpaid hours into bringing one of these ideas into fruition. Other people who are more success-focused than meaning-focused would likely find the initial list more useful.