TSN #17 - Evaluating new ideas

In partnership with

Hey! 👋

A couple of weeks back, I hinted at my list of new business ideas. Now, let's talk about how to figure out which ones are worth pursuing. It's time to separate the good ideas from the not-so-good ones.

Why does this matter? Not every idea is a golden ticket; the majority aren't. The sooner you find out, the better. This is an exercise I am currently going through, so I needed some evaluation criteria. Let me share them with you so you can benefit from my homework.

Also, I’ve recently updated my recommendations list. If you are looking for some summer inspiration, check it out.

💥 Use AI to 10X your productivity & efficiency at work (free bonus) 🤯

Still struggling to achieve work-life balance and manage your time efficiently?

Join this 3 hour Intensive Workshop on AI & ChatGPT tools (usually $399) but FREE for first 100 readers.

Save your free spot here (seats are filling fast!) ⏰

Want to be one of these people & be a smart worker?
Free up 3 hours of your time to learn AI strategies & hacks that less than 1% people know! 

🗓️ Tomorrow | ⏱️ 10 AM EST

In this workshop, you will learn how to:

✅ Make smarter decisions based on data in seconds using AI 
✅ Automate daily tasks and increase productivity & creativity
✅ Skyrocket your business growth by leveraging the power of AI
✅ Save 1000s of dollars by using ChatGPT to simplify complex problems 

👉 Hurry! Click here to register (FREE for First 100 people only) 🎁

The Idea Evaluation Topic List:

I try to answer these for each idea. There aren’t right or wrong answers, but it is good to know the characteristics of your idea. For example, you might have an idea that sells to a relatively poor client, which is fine as long as you can sell a lot easily.

1. Pain Point or Nice-to-Have? Does it solve a pressing problem? Or is it just nice to have? Bigger, time pressing problems are interesting. Can you quantify the problem?

2. Target Market Wealth? Rich clients who don't mind high prices? Or folks on a tight budget? Clients who are not price sensitive, rational and in urgent need are interesting.

3. Supply or Demand? Is the business supply or demand constrained? No right or wrong answers here, just a characteristic to know what to expect.

4. Network Dependency? Will you need to sell this on a “founders network” basis? Or can you easily access new pool of leads?

5. Bootstrap Potential? Can you start with no money? Will you make money from your very first sale? Note: services, productised services and consulting will most likely fall into this category.

6. Is the Market New or Old? Are you entering a market that already exists? Or creating a completely new one? Fragmented existing market with demand are interesting.

7. Is the Market Growing? Is it part of a big trend? Mega trend? Or is it staying the same or shrinking? Are there interesting growing niches?

8. Unique Value Proposition? Can you offer something Special and create an irresistible offer? Does your offering naturally stand out? If not, can you make it stand out?

9. Do You Have an Edge? Do you have special skills or knowledge others don't? Can you use these to do better than others? Again, no right or wrong answers here, you can identify an opportunity and find expertise later.

10. Market Fragmentation? Lots of small companies in the field? That's often easier to enter. A few big companies? Harder to break in, but maybe you can shake things up. Old owners? Interesting.

11. Can You Test It Quickly? Can you start with just a simple website? Or do you need to build a lot before you can test? Will landing page, email & phone cut it? If yes, it’s easy to test.

I like to group my ideas into a “pain/opportunity pool.” For example, if there are interesting pain points around accounting, I would put them together to understand the whole context before working on solutions.

Once ideas pass this initial screening and I still find them interesting, I would do a six-week sprint to explore them further and test them.

Next time, we'll talk about the bare minimum you need to move forward with an idea. I’ll share a simple list of actions I take to get going.

That’s all for today. Keep that creativity going!

See you in a week!

- Slavo