Step 4

Decide on an Idea

Okay, so you have assessed your 3 ideas. Now you need to decide which one to move forward with and build your business around.

This is probably the most important decision you have to make on this entire journey.

If you had a favorite idea before doing the assessments and it’s still your favorite afterwards, you should probably choose that idea. Nothing beats the energy that comes from being passionate about your product.

Otherwise, watch this brief video to help you choose an idea.

If you are still having difficulty deciding which product to move forward with, use the scorecard below to help you decide. It is used to rate the potential of each idea.

The scorecard contains 5 questions. For each product idea, answer each question with a rating from 1-10 (1 = bad and 10 = good). Then calculate the average of the 5 ratings. This average is the score for the idea.

When you calculate the score for all 3 ideas, the one with the highest score is probably your best choice.

That being said, the choice is ultimately yours. Go with a product and market you are passionate about.

Remember though, if you move forward with a product idea and the business fails, that’s okay! There will be many failures on this journey to startup success. If you fail, make sure you learn from your mistakes and then try again with a different idea as a stronger entrepreneur.

Note for if your idea is for a mobile app: Before you start development, you should review the Apple App Store and Google Play Store acceptance criteria for apps. Your app must provide sufficient functionality for the user or it won’t be accepted into the app stores. You don’t want to spend all your time and money on a product just to have it denied when you submit it to the app stores.

SCORECARD

Click done once you have chosen your idea!