Judging Entrepreneurial Ideas -

Home
>
Entrepreneur
>
Judging Entrepreneurial Ideas

Judging Entrepreneurial Ideas

Most entrepreneurs constantly come up with new ideas. Whether they are working on another project, driving, or lying in bed, their minds are constantly churning out new products, services and ways of doing things. For these entrepreneurs, the startup challenge shifts from coming up with ideas to choosing which idea to execute.

There are three initial factors that entrepreneurs must consider when judging their ideas. These factors include the following:

1. Size of opportunity: A good first question for entrepreneurs to answer is whether the opportunity is big enough for them to get an appropriate return on their investment of time, energy, money, etc. If the opportunity is too small, it's probably not worth pursuing.

2. Complexity of opportunity: A second question to ask is how complex the opportunity is. Specifically, how difficult will it to be to execute on the opportunity? Will it require the cooperation of other people or companies who may or may not buy on? Will it require several "moving parts" to function in perfect harmony? If the opportunity is too complex and/or seemingly too difficult to execute, in most cases a different opportunity should be sought.

3. Amount of funding and resources required: An opportunity must be judged with regards to how many resources are required to execute it. Clearly, if the amount of resources is too much, the entrepreneur may not be able to accumulate the resources and/or the return on investment will be reduced.

For example, an idea for a new-and-improved theme park may be a great idea, but the hundreds of millions of dollars and thousands of employees needed to execute it typically exceeds the resource potential of an entrepreneur or small company. Such ideas often can only be implemented by large pubic companies.

Constantly coming up with exciting ideas is the hallmark of most entrepreneurs. Choosing the right one takes careful consideration, and is critical in that it greatly influences whether the ensuing venture is successful or not.

Since its inception, Growthink Business Plans has developed over 200 business plans. Growthink clients have collectively raised over $750 million in financing, launched numerous new product and service lines and gained competitive advantage and market share. Growthink has become the firm of choice for venture capital firms, angel investors, corporations and entrepreneurs in the know. For more information please visit http://www.growthink.com or visit our venture capital placement site at GT Venture Capital.

In The News:

Don’t Ride The ‘Doom & Gloom’ Bandwagon
ZDNet UK, UK - Jul 18, 2008
The spirit of entrepreneurialism has never been stronger than it is now in the UK with programs such as The Apprentice and Dragons Den. So all in all, ...

MLive.com
Terry Duperon: The balance of power, part 2
MLive.com, MI - Jul 17, 2008
All seven have it. Terry Duperon is president of Duperon Corp. in Saginaw and a speaker, author and educator on innovation and entrepreneurialism.

You’ve heard of road rage. You’ve heard of PMT. Now there’s e-Rage.
Real Business, UK - Jul 9, 2008
A great British renaissance has been taking place. From Aberdeen to the West Country, the zing is back in manufacturing. It’s about time this spectacular ...

The China Code: From Robotic Depersonalization to Epic Ambition
Huffington Post, NY - Jul 17, 2008
Today, entrepreneurialism has complicated matters, but men still progress with precision through key life markers - buy an apartment by the age of 28, ...

The Business Limitations To Entrepreneurialism
Gather.com, MA - Jun 25, 2008
by Nazeer D. From a business perspective, entrepreneurialism is vital to commercial success and the health of the economy. We need individuals with bags of ...

The heart of the circus: cut price tablet, 'no huns' knickers ...
Sunday Herald, UK - 4 hours ago
... to the outskirts of Glasgow East; from the avenues built on the bounty of Victorian entrepreneurialism to what looks like a shanty town. ...

Igniting Your Business Spark
Gather.com, MA - Jul 9, 2008
by Nazeer D. Entrepreneurialism and business go hand in hand, and igniting your initial business spark and passion is an important process in getting any ...

Bing has biz support for run
Crain's Detroit Business, MI - Jul 14, 2008
She said the next mayor's priorities should include getting rid of scandals and underhanded deals, and having a “measurable spirit of entrepreneurialism ...
Piston Great Dave Bing - May Step Up to Get Detroit on Track My TV20 Detroit
all 2 news articles

Melanie joins team in Darryl's swoop
Manchester Online, UK - Jul 15, 2008
Mr Cooke said: "We have been actively searching for all-round lawyers who bring added value to our clients' businesses through entrepreneurialism. ...

Quitting Employment For Business
Gather.com, MA - Jul 3, 2008
In the spirit of entrepreneurialism, giving up your job to start your own business is a risk, but provided you have a business idea and the ability to bring ...

entrepreneurialism - Google News