Many of my engineering friends have ideas... most are small... some CAN be big.... How do you know when an idea could be BIG? Having judged Moot Corp 3 years in a row, won it 5 years ago, and after reading hundreds of business plans, I believe I have a formula that can help any engineer-type thinker answer that question:
1.) Is there a burning need? (e.g. are people hungry to solve the problem, or spending a lot of money trying to solve it or avoid it)????
2.) Is there a big Market? (e.g. are there a lot of people who WOULD be hungry if hey knew they could eat (buy) something to solve it?)
3.) Are people WILLING to pay to solve it? (this one requires a test... see MVP)
If your idea is big, I encourage you to go for it... nothing is worth losing than opportunity!
Harlan T. Beverly writes from Austin, Texas about Entrepreneurship, Marketing and Business for Engineers and Other Logical Thinkers.
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