What next? What to do after you have applied the 6 tests to your business or technology idea.

Is someone I don’t know willing to pay full price?

[This post is part of a series of blog posts titled “6 Tests to Know Whether You Should Pilot Your Idea” and focuses on what to do after you have screened your idea against the 6 criteria of the Moolman Institute Idea Screening Method. The full blog post series is available in a downloadable ebook. It is covered in more detail in the online course Opportunity Assessment for Entrepreneurs and Innnovators. Click here for a summary overview of all 6 tests and here for the previous post (Test 6: Do You Have the Right Team to Commercialize Your Business Idea or Technology?). Subscribe to the Moolman Institute newsletter (in the footer at the bottom of the home page) to be notified first when more content like this is published.]

So I’ve screened my idea against the 6 criteria. What now?

How do you gauge if your business or technology idea really does have potential? Before you build a prototype and start with the Build-Measure-Learn cycle, test your idea against the 6 key criteria of the Moolman Institute Idea Screening Method:

If your idea passes muster on all 6 of these key criteria, you are ready to do a small pilot. (Note: you can also do a pilot if your idea is weak in one or more of the areas, but you have a strategy for fixing it.)

You want to test your key assumptions, and answer the question: Is someone I don’t know willing to pay full price?

Don’t worry about building a full product or service – build a minimum viable product (MVP). Remember that initially you can and should do things that don’t scale. And keep in mind that you are experimenting – you are in search of a business model.

“A startup is a temporary organization in search of a scalable, repeatable, profitable business model.” – Steve Blank

Final thoughts

Ideas without action image

Of course, nobody can predict the future – the best thing to do is to get in the arena and start learning. You will never regret it.

“It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.” – Theodore Roosevelt

Let me know in the Comments section what you think of this method or if you have a good example of where things went wrong based on any of these criteria.

This methodology is part of a Moolman Institute online course called Opportunity Assessment for Entrepreneurs and Innovators. The course guides you step-by-step through the 6 tests and provides you with a set of practical tools and templates to make it as easy as possible for you to get to product launch or idea demise.

If you would like more useful content like this or get notified when the next course launches, subscribe to the Moolman Institute newsletter on the home page.

Posted by Sean Moolman

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