Ep 003. How to pick the right business idea

Have you got a bunch of business ideas swirling around in your head? Maybe you have no idea which one will be successful and you have no clue how to pick the winning horse. Listen to a listener struggling with the same thing, and my advice to them about how to pick & test the right business idea. 

Podcast Notes…

How do you know Which idea to start with? How do you pick the right idea?

1. Let it marinate.
Don't feel like you have to build the business within one month. Don't feel like it has to launch or it has to exist out in the world just because it's an idea.

2. Talk to people about your ides.
The more that you talk about that idea, the more that you're giving yourself permission for it to be something that exists outside of your head.

3. Write a business model canvas.
The Business Model Canvas is one of the simplest and easiest things to do. It's a one page document that allows you to really think through all the moving parts of your idea.

4. Set up some criteria and measure your ideas against them.
I wrote a list of criteria that were important for me for any business that I was going to take forward. Once I had all my personal criterias. I rent them in order of preference.

5. Think big, but test small.
Pare your idea down to its smallest part and create a smaller, more manageable version of that idea and test it.

Podcast Mentions…

The Business Model Canvas - available for download here.

I also have this book - Business Model Generation, which is seriously helpful & I would highly recommend it.

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