As entrepreneurs or intrapreneurs we live our lives enjoying coming up with new ideas. Sometimes we get excited and take the idea forward and sometimes we are not so sure we should move on the idea. Here's some simple questions to ask yourself as you evaluate the possibilities.
So how do you know if your idea is the one that will cause disruption or set the world on fire?
An easy way to step back and consider the impact your idea has is to ask “will this service or product provide a solution for a pain point that the market I am targeting will need/want/can’t live without?”
Many times entrepreneurs or intrapreneurs get excited about the features or the function their idea has, without considering the impact a product or service has on solving a problem. By considering what solutions an idea creates it is easier to evaluate if the idea will have value and will help a company grow more sustainably. It may be important to step back and determine who will not see the idea as valuable to make sure those competitors don't fight to keep their own market share with a group of consumers that "won't change." It is easier to monetize a product or service that easily solves a problem.
Going one step further an entrepreneur or intrapreneur should also determine if their idea is going to solve a problem that will help a large portion of the market or if it will focus on a niche. After identifying the target audience it is important to research potential competitors, but the best question to ask to determine this is: “Is there a differentiation in what I/We have to offer to create a sustainable business or are there other companies doing this that may take a bigger piece of the pie?”
Entrepreneurs and Intrapreneurs are “idea makers” and these simple questions are the first steps to taking any idea to the next level.