book.chapter Evaluate your concept

The first step in transforming your concept into a profitable reality is to determine if your idea is a "hero" or a "zero" – whether it's viable or not. To assess the potential of your idea, you need to answer nine critical questions. Firstly, can you clearly define your product? A strong vision allows for a fitting name. Secondly, does it address a real problem? Successful inventions solve frustrating issues. Thirdly, is it distinctive? Success can come from enhancing existing products or introducing something new and innovative. Fourthly, will people want or need it? The most successful inventions are practical and simplify tasks. Fifthly, can it be demonstrated? Products that can be easily demonstrated are easier to sell. Sixthly, how will it be produced? Consider materials, manufacturing location, and production costs. Seventhly, who is your target audience? Products with wide appeal have a better chance of making large sales. Eighthly, is your product safe? This is crucial, especially for products targeting children. Lastly, is it a consumable? Consumables can generate a recurring revenue stream. These questions aim to eliminate weak ideas before investing time or resources. Remember, answering yes to all does not guarantee success but allows you to proceed to the next step. Lori Greiner emphasizes creating or investing in solutions to problems witnessed or experienced, aiming to improve people's lives and insisting on not selling anything one wouldn't use themselves. This approach helps distinguish products designed for genuine service from those primarily motivated by profit.