How to choose the right business idea from a list of ideas, in 3 steps and free template.
An entrepreneur in his budding stage has a variety of business ideas in his mind, he comes to a final list of 4-5 ideas. But all these ideas have a strong attachment to the entrepreneur's minds, which makes it difficult to choose the right business idea.
Nihal Gupta was having a retail shop in rural areas of Ahmedabad, he also handled his family agriculture business. Nihal wanted to start a new business, therefore he had set a system for both of his businesses Retail Shop and Farm so that he has free time to think and execute a new business plan. Nihal was following a few Youtubers and also attended Seminars at Taluka level. He has been doing this now for around 3 years, all he was doing was making notes for 5 Business Ideas. These notes were his Ideas and the inputs he was getting from online and
When I met Nihal we started discussing business, he started to explain his ideas and detailed business plan. I felt Nihal had done of research and it was okay to start one of the ideas on a trial basis. So I asked him "Why are we waiting for?, Is funds the issue?", Nihal replied all of his business plans are zero budget based and he has strong contacts in local banks if he needs funds.
Again I came to the question of what are we waiting for?, Nihal laughed a lot and said nobody asked this question to me. But to answer specifically he replied, "I am not able choose the right business Idea out of these 5 business ideas." I was shocked Nihal was waiting for 3 years to launch his business just because he was not able to choose the right business idea. Of course, I don’t recommend t throw chits and choose one of them. All I want to say is it could have been weighed, compared and the best one could have been chosen easily.
I also met Nishant who was studying Engineering and was in the final year, he also asked me that he is this confusion and was not able to choose the right business idea. Many startup enthusiasts are confused about which idea to choose amongst the bundle of ideas they have.
Choosing the right business idea is the most important thing, today lets list our ideas in a table and choose the best idea.
Step 1) Create a table listing your top 5 ideas in the top row.
Step 2) List these categories on the left-hand side column.
1) Industry
2) Passion
3) Knowledge
4) Profitability
5) Future Opportunity
6) Competitors
7) Cash Flow
Step 3) Give Ratings out of 10 for each criterion for each of your idea.
Step 4)Now make the total of all the ratings.
Now if you rate all the ratings in total, the idea with the highest ratings would be clear cut the best idea for you to choose. Maybe after ratings, you would want to rerate the marks, of course, that could be done. But you will have an idea which is the best one from your list of Ideas.
Hope you are relived with the formula, let me know what do you think about it in the comments below.
Always there to help you! Cheers!
