Drug testing

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.

limousine chicago service
In The News:

Street Smarts Vs Book Smarts, What Does It Takes To Be An Entrepreneur

The latest series in "The Apprentice" features 2 distinct group... Read More

5 Tips to Step Boldly into the World & Set Yourself Apart from Others

"Real champions believe in themselves even when no one else... Read More

Financing Your Business

Anyone who is serious about making some money is already... Read More

Can a Microbusiness Help You Enjoy a Better Retirement?

Not having enough money for a comfortable retirement tops the... Read More

Making the Financial Transition

Making the financial transition from paid employment to earning a... Read More

Differentiation Strategies for Franchise Companies

With the growing number of franchise offerings recently it is... Read More

The Magic of Float

If you've ever received a service today and paid for... Read More

Electronic Tools for Entrepreneurial Success

"Half of any job is having the right tool" was... Read More

Before Getting A Franchise

Buying into a franchise is a great way to be... Read More

Needs Versus Wants For Entrepreneurs

How often do the words "I need" come out of... Read More

When Your Business Feels Like an Arranged Marriage

Q. I was laid off six months ago. Jobs in... Read More

Entrepreneurship as Your Passion

Entrepreneurship has been my passion for as long as I... Read More

The Danger Of Hate

As you have shown an interest in starting a business... Read More

From Employee to Entrepreneur: Taking the Plunge

Before you decide whether or not running your own business... Read More

Cross Polination of Innovations in the Cleaning Industry

According to the latest edition of Pool and Spa news;... Read More

Are You Ready To Be Your Own Boss?

You have this burning desire you want to be on... Read More

An Entrepreneurs Biggest Cost

When launching a new product or company, an entrepreneur must... Read More

From Bank Clerk to Entreprenuer

What seems like a century ago, I left school and... Read More

Why I Should Go In To Business

Rohit Kochgaway was very upset with his boss for his... Read More

The 9 Key Distinctions of Successful Solo-Entrepreneurs!

SUCCESSFUL Solo-Entrepreneurs approach life and business from a perspective that... Read More

Ex-Yankee Pitcher Pitches Barter As Powerful Business Tool

Mission Viejo, CA - June 14, 2005 - Bob Meyer,... Read More

Three Cs - What Startups Need to Get a Business Loan, Part 1

You want to get a good, solid overview of what... Read More

Could a Non-Profit Structure Be Right for Your Business?

If you have a business idea, or an idea for... Read More

The Entrepreneurs Dilemma

In business, you plan to protect your inventory, your unique... Read More

Two Types of Business Plan Executive Summaries

Companies seeking capital often ask how long the Executive Summary... Read More

induction cobra head induction shoebox Pete's produce ..