Use a Pros and Cons Analysis to Choose the Right Business Idea
Most entrepreneurial types have a million business ideas, and under pressure they could come up with a million and one. The trick to a successful startup is picking the right one for the time, resources, and market available when you are ready to launch. Very few businesses fail because the idea is not viable, but a great many opportunities are missed because the entrepreneur doesn’t take the time to evaluate the best idea to pursue given the circumstances. Every startup requires time, money and hard work to succeed, but the road is much smoother if there is a sufficient, reachable market for your product. Every business idea should go through a cursory analysis before any significant resources are spent. A rudimentary pros and cons list can go a long way in eliminating bad business ideas and can give you a head start in developing the good ones. The pros and cons of any new business idea should include, at a minimum, the following areas: Difficulty How much do you know about the...