As business leaders themselves, these eight members of Young Entrepreneur Council have also tossed plenty of ideas around, wondering if they will be successes or failures. Below, they’ve provided a set of questions you can ask yourself before investing any more time, money or resources into a product or service idea. Spend time thinking on these eight questions to determine if you should move forward with the idea or not.
1. Does the customer need this feature?
I don’t come up with a new service or product feature unless I see a demand for it in the market. I was providing app development services and then I started to offer web development services once I saw enough demand from customers. I also made sure that I had resources available to deliver on the service. Let your customer decide what your new service will be. – Piyush Jain, Simpalm
2. Is the market large enough?
I ask if there is a large enough market to sell to before launching a new product or service to ensure it will sell. If there is a large enough market, then I will work with my team to develop a new product or service that is on brand, interesting, different and unique. – Kristin Kimberly Marquet, Marquet Media, LLC
3. How does it help revenue or retention?
Don’t fall prey to shiny object syndrome when considering developing a new product or service for your business. Just because one or two customers request a new feature or add-on doesn’t automatically make it worth the development time and money. Ask yourself, “How does this contribute directly to revenue or retention?” Is the answer unclear? Then it’s best to wait for additional demand or data. – Mark Stallings, Casely, Inc
4. Will the product or service be able to scale?
I always ask, “Can it scale?” In other words, is the market large enough to make the investment of bringing the product to market? I then ask the following questions: Is my company able to support the product if it scales quickly? What if the product fails? Can the business sustain the loss? Will it even scale? These questions are asked by potential investors, so it’s important to answer them honestly and early in the development process. – Jonathan Prichard, MattressInsider.com
5. Is creating the product within my budget?
Start by asking yourself if creating a new product or service is within your budget. Especially when you’re starting out, there will be times when you have an idea that you want to bring to life, but if your existing products are not selling well enough to fund this venture, you may want to reevaluate and focus on improving your current products and services. – Chris Christoff, MonsterInsights
6. Do I have to make the product myself?
I avoid reinventing the wheel as much as I can, and often this means choosing to buy out another company that’s already built a good product instead of creating one from scratch. You can choose to partner with someone who already has a product in the works, but avoid building something that exists from the very beginning. – Syed Balkhi |, WPBeginner
7. Would I use it?
The most powerful question you can ask yourself as an entrepreneur is, “Would I use it?” Passion brings the best out in humans (like a human superpower). If you find a way to use it for yourself and solve your real-life problem, as Steve Jobs did with the iPad or Elon Musk with Tesla Model X, then you will put in the work and sacrifice to develop the product. In times of adversity, you’ll find solutions to succeed. – Fabi Hubschmid, Markaaz
8. Would my enemy use it?
You should ask, “Is it so good that even my enemy would use it?” Hopefully you don’t actually have enemies, but if you can build a product that is so irresistible that your hypothetical enemy would use it, then you’re really on to something. Whether or not they’ll actually admit it, even dentists love candy. – Alex Blazer, Seedlogic