So, for me people like me, the following scenario happens a lot. You get a good idea and you imagine it would be fun and everyone would love it. The question is whether you should turn it into a start-up or at a least a serious hobby. I mean, geez, the idea is awesome and you’d be crazy not to work on it, right? So, should I work on this new product/business/app idea?
I like to ask myself a couple of things:
- Why me?
- Will people pay for it?
Are you the right person to do this? Do you know anything about it? Can you reasonable compete in the field if other people, presumably better suited to the project, enter, too? If so, then fine, please continue. However, nine times out of ten, switching to a whole new industry is a bad time to also launch a new start-up or product in that industry.
Will people pay for it?
This one is easy to overlook. There is very little more important than figuring out if people will really part with their money for your product. Sometimes, those potential should part with their more. They might be well served to do so. They might be happier and wealthier if they do so. But unless you are really certain that they’ll buy your product, then don’t waste your time and money building and testing the product only to find out too late that people won’t actually pay for it.