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Prioritize Your Ideas

August 29, 2013

Daily ReadPrioritize Your Ideas

Whether you’re starting a new company or building a new business within an existing organization, the hardest step is getting out of the starting blocks. Ideas come easy. The challenge is turning your big idea into a business. Turning your brainstorms into business requires fact-based analysis across five key areas. For each big idea, we are aiming to answer questions across five key areas:

1) Customers: Who are the customers we might target?  What are their unmet needs?

2) Market: How big is the market?  How quickly is it growing?  In what ways is it evolving?

3) Competitors: Who are the key competitors?  For each, what do they offer and how do they deliver it?  What are the competitive dynamics in the market?

4) Strengths: Where is the space we can operate?  How can we profitably differentiate ourselves?

5) Opportunity: What is the “size of the prize”?  What portion of the market can be captured with this new opportunity?

The most important thing to take away from this exercise is to consider a number of ideas and assess the opportunity for each instead of focusing on just one big idea.

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