Idea Assessment

Ideas must be sound, feasible and economically possible. The market must be there. Misjudging any on the wrong side = disaster.

Questions you should ask yourself:
1. Do I and/or any partners know the turf? This is the number one criterion for successful entrepreneurship.
2. Am I and any partners compatible? Can all involved work together effectively "through thick and thin," especially thin? Will all concernec stay the course?
3. How umigue is my/our idea? Will it be a net benefit humankind?
4. Is there a reasonable niche market potential; is any established potential competitior vulnerable to competition?
5. If intellectual property is key, has it been, or can it be, protected?
6. Will there be competition and if so how much and what kind?
7. What are the capital requirements for getting into business? Will my initial investments and projected cash flow provide enough working capital to see me through at least the longer of two turnovers of inventory or two order/payment cycles?
8. Do I have quality control procedures in mind? Does their management have the required experience and breadth? (Quality & capital are startup bugaboos for atatrt-ups. Yes service industries must pay attention to quality or service in its many dimenaions.)
9. Are there any conflicts of interest on the part of any participant?
10. In terms of the environment, will my (our) business at least meet the standards of local, state, and federal laws as well as those of the Kyoto agreement.

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