What Makes a Good Business Idea?
I hear from a lot of people who ask me if I think they have a good business idea. They usually expect me to evaluate the idea in terms of dollar or profit potential, but I don’t. I prefer to evaluate their idea in terms of the person! I always ask them … are you passionate about your business idea?
Here are a few questions to ask yourself before embarking on an entrepreneurial venture: Am I truly interested in this field? Do I daydream about doing the work (instead of just spending the money)? Does this product, service, or activity feel meaningful? Does it benefit humanity? Does it bring me joy?
You know you have passion for something if you would be willing to do it even if you weren’t making any money. If you don’t have passion for your business, re-think it because your nonchalance is a bright red flag signaling “Failure ahead!”
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