From the course: Entrepreneurship: Finding and Testing Your Business Idea

Evaluate your results

From the course: Entrepreneurship: Finding and Testing Your Business Idea

Evaluate your results

“

- So after you run these tests, what's next? Well, simply to decide whether you have a valid business opportunity or whether it was just a great idea. Remember what I said at the beginning, failure is always an option. So how do we assess whether it was a success or a failure? First of all, take a look at the targets you set at the beginning. At the bottom of that micro plan, what did you say was the criteria of success? Did you reach that criteria? Also, when you asked your customers, your potential customers, what they thought about this, what did they say? What was the feedback that they gave you? Also take a moment and put on your skeptical investor glasses. What I'm talking about is if you stood up in front of a bunch of people who had money to invest, what questions would they ask? What would they think about the results that you got? You could also go to a third party and have them review the results with you. Say, "I want you to act like a skeptical investor." And whatever feedback they give you, calmly take it in. If your results were positive, I recommend you rerun your test, but this time on a different emphasis. This time you're going to focus on price. What price would people pay to get this product or service? Be tough on yourself. Being an entrepreneur is risky enough. What you want to do is focus on only the best possible investments for your time and money. If you're unclear or uncertain in any way about the results, it might be time to switch it up and try a different opportunity. There could be something even more successful that's waiting just around the corner.

Contents