Is Your Idea Worth The Gamble?

Is Your Idea Worth The Gamble?

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Rarely does a product come along that revolutionizes an industry. Rarer still does a product create a new industry on its own. So, how can you tell if your amazing new product really is worth gambling on? The truth is, you can never be 100% certain that your idea will sell. No matter how enamored you are with your idea, or how much your friends rave about it, the success of a new idea depends on a number of factors, many of which are beyond your control.

Gamble Worthy Factors

• The viability of the idea. Is this really a product that you could build a company around? Does the idea have the potential to generate revenue or customer loyalty?
• The people implementing the idea. The right team can make even a mediocre product a huge success. Inversely, a bad team couldn’t sell ice water in Hades. Pick your team carefully. The right people really do make all the difference.
• The demand for such a product in the marketplace. Will this product fill a need or satisfy an itch?
• The competition. Is the market already crowded with competitors? If so, what will it take to move your product ahead of the pack?
• The depth of your pockets. Even an amazing product requires a ton of cash to go from drawing board to store shelf.
• The availability of other resources required to take the product from the drawing board to the consumer. Do you have the time, the drive, the perseverance, the knowledge, the contacts, the support, and a hundred other things required to bring your amazing idea to fruition?

Required Research

Before you invest too much time and money into your idea, do a little research to determine if it’s an idea that’s really worth gambling on.

• Research the market for similar products. If there are no similar products on the market that might mean there’s no market for that product. If there truly is nothing exactly like your product, research similar products that fill a similar void in the consumer’s life. Learn all you can about such products: pricing, market share, track record, etc.
• Research the competition. As mentioned earlier, if there is no competition there may not be a market for a product like yours. If there is competition, research the competition fully (little guys and big guys) to help determine if you can realistically compete for market share.
• Identify your target customer and ask them for an honest evaluation of the idea and its marketability. Avoid friends and family as they usually just tell you what you want to hear. If your target customer is a 35 year old female, pitch your idea to every 35 year old female you meet and gauge their response.