Will it fly
Testing your business concept to save time and funds
Description
Before committing to a new idea, pause and reflect - "Will it fly?" Conduct a reality check by getting answers to five key questions: What problem does it solve? Who cares? Why now? Who's already doing it? What resources do I need?
You can't fail these tests - they assess the idea, not you. Either way, you'll know whether to move ahead confidently or pull back and rethink. Saving time and money makes "no" a win too.
Yet "yes" propels you forward, busts excuses. As Pat Flynn says, "Speed only helps if you're moving the right way." So reality-check first. Still, don't let fear of risks paralyze you, as JFK warned. With imagination, an idea can save you, as Frank Lloyd Wright said. Test bold ideas, then act or re-strategize. But keep seeking solutions.
Table of contents
01Does this align with my aims
Before launching a new business idea, it is critical to first assess if it aligns with your long-term goals and passions. An idea that sounds promising may ultimately fail if it does not fit your interests or support your vision for the future. Testing for alignment early on can prevent wasted time and resources down the road.
Entrepreneur Pat Flynn recommends running new ideas through three thought experiments he calls the Airport Test, History Test, and Shark Bait Test. These tests analyze if a business concept fits your ideal lifestyle, draws on your past experience, and plays to your unique strengths.
The Airport Test envisions where you want to be in five years. Imagine meeting a friend at the airport and them asking how life is going. If achieving success with your new idea would enable you to respond, “Amazingly good. Life couldn’t get any better!” then it likely aligns with your goals. But if it represents just another recycled concept unlikely to improve your future, it fails the Airport Test. Before diving in, ensure an idea seems like it will put something awesome into your life down the road.
Next, the History Test reviews previous jobs identifying what you enjoyed and disliked about each. Look for motivational patterns and how they apply to your current work and proposed business idea. While deviation from the past is sometimes necessary, key elements that previously kept you engaged and thriving should carry through. An idea that ignores lessons from your work history risks fizzling out from lack of intrinsic drive.
02Have i clearly defined this concept
Many business ideas fail because they are vague and ill-defined. An effective way to develop your idea is to write it down clearly on paper. This allows you to articulate the specifics of what your business will do and how it will operate. Simply spending time on logos and branding before defining your central idea puts the cart before the horse. Begin by clearly laying out exactly what your business will provide, the target customer niche, and how you will differentiate from competitors.
Create a Mind Map: A mind map visually represents your thinking on an idea. It links related concepts together. Mind maps help solidify fuzzy notions into concrete building blocks. To mind map, write each idea on separate sticky notes. Cluster them into logical groups. Snap a photo so no one removes the notes. Alternatively, use mind mapping software like MindMeister.
The mind mapping process is: - Brainstorm by rapidly writing down all ideas on individual notes or in the software. - Organize ideas into related categories and hierarchies. - Develop an overarching structure. - Prune extraneous notions. - Remove anything distracting from the core concept. This avoids "feature creep" where new capabilities dilute the central idea. Adding more features does not necessarily improve a product. Pruning refocuses on what truly matters.
03Can i profitably position this in the market
First mover advantage is often touted, but entering an existing market can have advantages too. By studying incumbents, gaps and opportunities become visible. Most importantly, late entrants can align offerings directly to customer struggles. With an idea in mind, assessing the environment helps determine if it will succeed. In particular, identify the target audience, where to reach them, and who else serves them. That knowledge enables partnerships, relationships, and positioning for differentiation.
Four key exercises facilitate market understanding and positioning: Many skip market analysis and struggle to wedge into unfamiliar spaces. Conducting assessment provides early confidence and proper market entry. Examine current conditions to see competition and opportunities.
The first exercise finds 1,000 true fans. New entrepreneurs often seek a million $1 customers for a million dollars. While appealing, starting unknown makes that daunting. Offerings will likely provide more value too. Kevin Kelly's 2008 Wired article “1,000 True Fans” noted that hits and virality are not essential. 1,000 loyal fans spending $100 yearly provides $100,000 income, a reasonable living. So instead of the entire market, identify a niche for an idea. Mold it to products/services meeting niche needs, not the broader market. Counterintuitively, smaller niches allow more moneymaking. Narrow targeting improves service, connections, and reduces competition.
04How can i pre sell this product or service
Validating an idea with real customers is crucial before fully committing resources towards developing a product or service. While theoretical models can provide directional guidance, directly testing customer demand reduces risk when launching. Pre-selling an offering, even before it is built, generates actual orders and transactions that demonstrate commercial viability.
Pre-build validation has been common across many industries. The core question it aims to answer is simple: will customers buy this Quantitative data from pre-orders and sales, combined with qualitative feedback on the concept, validates an idea. It also uncovers areas for potential improvement. Several key principles guide effective validation:
- Experience alone does not predict profitability. - Asking for intentions also falls short. - Instead, present an offering for transactional commitment. - The response to this request matters most in determining viability.
Validation confers multiple advantages:
- Direct customer feedback on likes, dislikes and suggestions - Early experience with product positioning and selling - Revenue to offset development costs if collected upfront - Motivation to deliver based on demonstrated demand
05Am i ready to progress right now
When preparing to launch a new business idea, it is important to do a final review to ensure you are truly ready to commit resources and take action. Breaking down your big goal into smaller, more manageable steps can help you gain momentum through small wins that ultimately build toward the larger objective. Like any successful launch, building a business requires thoughtful preparation combined with a willingness to take risks and learn from failures.
Remain focused on the original reasons why you wanted to become an entrepreneur. Revisiting your initial motivations can help reignite passion during challenging times. Surround yourself with people who support your ambitions and bring complementary skills to the table. Seek out partnerships and peer roundtables to exchange ideas and find inspiration.
While the entrepreneurial journey will be filled with hurdles, make sure to celebrate accomplishments along the way. Completing project milestones demonstrates progress and fuels additional energy to persist. Building a customer base is another indicator of traction. Treat customers with the utmost care and respect. Go above and beyond to surprise and delight them whenever possible. Strong customer relationships provide not only financial stability but also invaluable feedback for improvement.
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