Ask HN: Whats your litmus test on whether to pursue a business idea

8 pointsby naithemilkmanvor 16 Jahren5 comments

Even before putting up mock landing pages and buying traffic to see how it converts, how do you first filter your ideas and decide which one to pursue?

I have a business idea like every other week and I apply this quick 3 question test to see if I should spend more time research it or not.

1. Do I feel the pain of the problem myself?

2. Is this a universal problem?

3. Am I able to solve this problem?

Interested to see your versions of a litmus test. Would also be great to get feedback just in case I've missed an important question.

P.S I wrote more about my thinking at my blog pragmaticstartup.tumblr.com

5 comments

raquovor 16 Jahren

Apart from litmus test, do due diligence:

> Who else claims to solve the same problem? Examine them.

> How do those people who are unaware of specific solutions to the problem solve it?

> In theory is it easier to implement your solution, or to upgrade an existing solution?

> What are related problems?

> What's your user acquisition plan? (TechCrunch is not)

> Talk about your idea, both other developers and normal people.

curtvor 16 Jahren

#1: Will people pay for the solution....

(not do they say they will pay, WILL they put their money where their mouth is)

maushuvor 16 Jahren

For me the first question is usually enough, with the power of statistics I know that if I have this problem somebody else should have too and be aware of that fact.

The trick here is make the rest of the market that isn't aware of the problem, aware of it.

bobx11vor 16 Jahren

I usually make a spreadsheet to figure out if I can make any money on it and the adjust the prices and customer numbers and marketing cost until I figure out if it's worth while to invest additional time.

Retailslavevor 16 Jahren

Very informative post,

I try to see if its feasible to do.