Is Your Business Idea the Next Big Thing?

EscapefromCubicleNation has a thoughtful post on how to tell if your business idea is the next YouTube … or not.

The top three ways (out of 10) to tell if you should reconsider:

1. You “feel” there is a market based on hunches and a few conversations
2. When you discuss the idea with people who would be the target market for your product or service, they are either overcome by an embarrassing silence or are direct like Michael Bolton from Office Space and say “That is the worst business idea I have ever heard.”
3. When someone challenges your idea, you get very defensive and immediately change the subject, thinking “They obviously are not smart enough to get my brilliant idea.”

The top three ways (out of 10) to tell your business has viability:

1. It serves a significant need in the market that is real, evidenced by thoughtful research, not speculation
2. You have a unique approach, skill or capability that will allow you to serve this need better than anyone else
3. When you talk to people who are the target market for the product or service, they get excited about it and ask when it is going to be available.