If someone asks if their startup idea is good, and it’s not a good idea to tell them one way or another, what to do? Easy, help them by asking key questions for them to consider, so that they can make the assessment on their own, based on feedback from people in the market. Here are a few potential questions to ask:
- How many potential customers have you talked to about the idea?
- How much did the potential customers say they’d pay for the solution?
- How many potential customers are out there?
- How expensive will it be to acquire customers?
- How will potential customers justify the ROI for the solution?
- Is the solution a must-have or a nice-to-have?
Clearly, it requires time and a number of conversations to evaluate if a startup idea is good. The best place to start: potential customers.
What else? What are some other questions to ask to help an entrepreneur evaluate if a startup idea is good?