Other than “Can you give me Kirk Hammett’s email address?” (um, no), the question I’m most often asked on LinkedIn is, “How can I tell if I have a great idea for a new business?”
Ideas are easy to evaluate in hindsight. Objective criteria certainly apply, but predicting whether an idea forms the basis for a profitable, lasting business is extremely difficult; assessing a startup’s potential also requires a small leap of faith in a founder’s persistence, drive, and work ethic.
So how do you know if you have a great idea for a new business? How can you evaluate your startup’s potential?
The key isn’t to ask people for thumbs-up or thumbs-down advice. The best approach is to ask yourself the right questions.
The ‘Billions’ Approach to Evaluating a Business Idea
One set of questions comes from season two of Billions.
If you aren’t familiar, Bobby Axelrod (Axe)