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Idea you have, your college or boss have, also can be related to business or not. just say your key factors you think it's an essential.
SWOT Analysis
Test it, through a prototype or best practice
Analyzing an Idea should include A) Identification of the need (Mission. Marketplace, Market analysis) B) Differentiation (how is your idea different from others) C) Market Analysis D) Market share E) Cost F) Execution of the idea F) Evaluation and monitoring once idea has been implemented
Ask yourself the following:
1. Can this idea be implemented, with or without the resources i have? Since an idea that cannot be done (is useless) is a bad idea.
2. Will this idea benefit or add value to what i wish to achieve?
3. How long does this idea need to be implemented?
4. Can i handle it financialy? If yes, are there any risks if it fails? is it worth taking the risk?
5. Consult specialists.
Ask yourself the following:
1. Is it possible to implement that idea with available resources (either internal to your organization or available in the marketplace)?
2. Can you achieve those needed resources?
3. Will your customers attribute value to the final product of that idea? How much?
4. How much would it cost to develop in terms of time and money?
5. How competitive would the end result be in the marketplace (SWOT) and how sustainable would that competitive advantage be?
6. Based on the above questions, is that project a viable one? Does the financial plan add value to your company in terms of NPV?
7. How does the value of this ideia compare with the value of other ideas in your portfolio that are waiting for resources to be developed? Is this one the "next big ideia"?
I believe that your answers to questions1,2 and3 are critical in order to evaluate the idea "per se", and the answers to questions4, 5,6 and7 will be determinant in order to evaluate the ROI of that project and to compare it with others you may be studying.
Feasibility is the key factor !
The presentation of an idea will determine it evaluation by an individual regardless whether it is presented by boss or colleague. In general people judge ideas based on their previous experience and accordingly gut feeling, sixth sense etc become in action. To evaluate an idea SWOT tool is best.
The major key factor is your gut feeling or some may call it the sixth sense.
You can get marketing logic and theory to analyse your idea but what is really means that if you really believe in it to make it work, no matter how long it might take. If you are willing to take that risk and give your heart, soul, passion, time and money and believe it will work then it will work.
Practicality and measurability of its success factors.
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