One Simple Test to Evaluate Business Ideas

 Last Updated: September 30, 2016

 September 30, 2016

So I got this question asked many times - "I get a lot of ideas. How can I choose one to pursue further?"

Most of the idea guys suffer from this confusion. They dream about multiple things and are just unable to decide which one to take up! So here's a golden rule which an entrepreneur once taught me:

 

Start up. But do it only when the idea you are pursuing has the potential to push your net worth to at least 10 times the net worth of your peers after 10 years.

 

Not much useful pursuing it if the above doesn't hold good.

This perfectly makes sense as you see, startup is a lot of hard work, if you compare it with (say) a regular job.

If the upsides of starting up are limited, such kind of a supernormal hard work you put in which counts in x number of years doesn’t exactly stand in comparison with other options you might have. Only if the above test is passed, the option of starting up beats all the other options including that of keeping a regular job.

Point to be noted is that the ‘net worth’ mentioned here not only means monetary rewards, but also captures the intellectual and personal rewards arising out of the endeavour. Plainly speaking, you shouldn’t only compare what kind of money you’ll make, but also the kind of learning or personal fulfillment you would achieve as compared to your peers.

So this is a simple mantra which I find useful to make distinction between a large number of ideas people hallucinate with. Not necessarily all the ideas come up at a single point in time, but this test can be applied to compare any two ideas.




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