How to judge whether your business idea is worth implementing?

Whether you should implement an idea should depend on whether that idea has the potential to meet what YOUR objectives are. If your goal is wealth creation, you will have to check if the business case is strong and if this is what will create wealth for you. If not, you will evaluate other opportunities.

On the other hand, if your goal is NOT wealth creation but ‘social impact’, then you will evaluate if this idea is providing the scale of impact that you wish to create.

And if your goal is to ‘enjoy what I do’, then you have to evaluate if this idea is what will give you the greatest joy.

If your goal is wealth creation, you will have to evaluate things like what is the scale of the opportunity, what is the competitive environment, why do I have an opportunity to be a dominant player, what is the scale that I can reach with this venture, what are the resources that I will need and can I gather the, what are the competencies that I will need and do I have them or do I have the ability to engage others who have those competencies, what are my exit options, etc.

 

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Author: Prajakt Raut

Prajakt Raut is the founder of Applyifi.com, and author of the book for startups - ‘Starting Up & Fund Raising’ Prajakt personal goal in life is to encourage and assist a 100,000 people to become entrepreneurs. _____________ Prajakt is the founder of Applyifi - an online platform that provides startups a 36-point scorecard and assessment report on the venture's investment readiness [www.applyifi.com], and helps them improve their odds of getting funded. Prajakt is also the founding partner of The Growth Labs, a platform where growth-stage companies get sharp, incisive advice from senior professionals and experienced entrepreneurs. [www.thegrowthlabs.in] Before starting Applyifi, Prajakt was the head of operations at IAN, founding member of a leading incubator, and the Asia-Director for TiE (2004 - 2007). Previously Prajakt had co-founded Orange Cross, a healthcare services company, and was part of the founding team member of Idealake Technologies. While in college Prajakt had founded a printing business and has spent over 10 years working in leading advertising agencies. Prajakt’s book, ‘Starting Up & Fund Raising’, helps startups understand an investor’s perspective, and helps them improve their odds of getting funded. The book also helps entrepreneurs understand the building blocks of a business.

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