Vetting the Big Idea

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The best mompreneur advice I’ve received so far came from a veteran entrepreneur. He told me not to fall in love with my idea.

I didn’t get it back then.

Vetting the Big Idea

Since “my big idea” was consuming all of my waking thoughts, how could I not be seriously attached to it? And why shouldn’t I be?

I get it now.

What happened to me is very common among entrepreneurs. I was so enamored with my idea that I put on blinders and intentionally disregarded nagging doubts. I pushed full force on an idea that I knew in my heart was going to succeed–despite what my head said.

When I finally let go of my original product concept (read more about it), I was able to see a much bigger, better idea.

Vetting your idea is a critical step in launching your product or service. You need to determine if there is a market for your idea, how much a customer or client will likely pay for it, and how it compares to competing products. 

So take your $100,000 and invest in the best market research firm you can find to put your idea in front of potential customers. Don’t have $100,000? Well $20,000 will get you a pretty good market research firm. Don’t have even that much?

No worries–you’re in great company! Most entrepreneurs boot-strap their fledgling companies and prioritize spending on product development and advertising.

There are creative ways to assess your product or service idea without spending a fortune and I’ll share some that worked have for me in the next post. 

Next post: Market Research on the Cheap

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