How Do You Know if Your Business Idea is a Good One?


-“Think left and think right and think low and think high. Oh, the thinks you can think up if only you try!”Creative entrepreneurs don’t lack ideas. We live in that creative thinking space Dr. Seuss describes in the quote above. I am always thinking up ideas, aren’t you? But how do you know if your business idea is a good one?

First, I’m not sure who gets to decide if an idea is “good.” I would ask a different question: do you have the right skills and resources to turn your idea into a profitable business?

Second, sometimes you won’t know all the answers and you just have to be willing to take a calculated risk. Being an entrepreneur often requires becoming comfortable with the unknown.

I am a huge Dr. Seuss fan and often read his book, Oh, The Places You’ll Go, out loud at our workshops. I love this book because it shows how life’s journey is often wonderful and wild, until it’s not.

“You can get so confused
that you’ll start in to race
down long wiggled roads at a break-necking pace
and grind on for miles across  weirdish wild space,
headed, I fear, toward a most useless place..”

So how do you know if you are off to great places? By knowing where your business strengths are and where they are not.

8 Questions to Ask Yourself Before Launching a Business

Before you launch a new business or even just a new product or service, take a look at these 8 key areas required for business success and profitability. Stop asking is my business idea good and start asking, “Do I have what it takes?”

Read each question and rate yourself on a scale of 1 to 10. Be honest, no one will see this but you. If you rate yourself lower than a 7 or 8 on any area, then just know you have some work to do before your business idea goes from good to great. Don’t give up, just get better and ask for help and support so that you can go faster too.

  1. Do you have the knowledge and skills you need to deliver, market and sell your product or service?
  2. Do you have the technology know-how you need to deliver, market and sell your product or service?
  3. Do you have a clear target market who wants or needs what you are selling?
  4. Do you have a proven system for lead generation (how will you tell lots of people about what you are up to in a way that enough of them want to buy from you)?
  5. Do you have time to invest in developing, delivering and selling your product or service?
  6. Do you have money to invest in developing, delivering and selling your product or service (or do you need to find investors)?
  7. Do you already have a community or tribe of people who want what you are creating?
  8. This may be the most important question: how committed are you to your idea?

Me and Dr. Seuss, we believe in you.

“And will you succeed?
Yes! You will, indeed!
(98 and percent guaranteed.)”

And if you’d like to learn some super whiz bang shortcuts plus hear me read Dr. Seuss, then join me in LA in September for Dream.Design.Profit: A 3-Day Marketing Intensive. I’m really smart about business and I’m really good at reading Dr. Seuss out loud – throw in some crayons and markers and it’s a party! You can still save 70% off the ticket prices for another week. Go save your seat, and one for your BFF too.

Minette Riordan, Ph.D. on EmailMinette Riordan, Ph.D. on FacebookMinette Riordan, Ph.D. on InstagramMinette Riordan, Ph.D. on Twitter
Minette Riordan, Ph.D.
I am Dr. Minette Riordan. I am an award-winning entrepreneur with close to 15 years experience in marketing, sales and education. In my professional life, I am a coach, author, and speaker who is passionate about helping creative women entrepreneurs build profitable businesses. I am also proud to be a wife and mom of two teens doing my best to maintain the balance in my life and in my business. I make art, write, cook and try to find more time to work out. I am crazy about Zentangle®, SoulCollage® and poetry. I love all of the roles I play and work every day to juggle all the balls that I am holding, sometimes I drop all the balls and drink a couple of glasses of wine. http://www.minetteriordan.com

About Minette Riordan, Ph.D.

I am Dr. Minette Riordan. I am an award-winning entrepreneur with close to 15 years experience in marketing, sales and education. In my professional life, I am a coach, author, and speaker who is passionate about helping creative women entrepreneurs build profitable businesses. I am also proud to be a wife and mom of two teens doing my best to maintain the balance in my life and in my business. I make art, write, cook and try to find more time to work out. I am crazy about Zentangle®, SoulCollage® and poetry. I love all of the roles I play and work every day to juggle all the balls that I am holding, sometimes I drop all the balls and drink a couple of glasses of wine. http://www.minetteriordan.com

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