Three M’s of an Idea
photo credit: Pink Sherbet Photography
Evaluating a business idea’s “3 M’s” is a good way to quickly separate the good ideas from the bad. Ask yourself these three questions about each of your ideas:
1. Is there a market?
The first step is to determine if there are enough customers willing to buy your product or service for you to make a living.
2. Is there a margin?
Even if there is a market for your business, you still need to determine if it can earn you a living.
3. Is this for me?
The final step is to ascertain if the business is a good fit for you.
Dr. Cornwall explains this is greater detail on his blog.
Hayli @ Rise Smart on March 6th, 2009 4:58 am
I have found that it also helps with clarity of thought and purpose to actually eat M&M’s while separating the good business ideas from the bad.
Jaclyn on March 6th, 2009 12:44 pm
I agree. i especially agree with the last one…if the business is for “me”. i think a lot of the reason why a lot of businesses end up failing is because maybe the owner didn’t choose the proper business for them. if the business isn’t a good fit for you and your family, and if it isn’t something that you are truly passionate about…it will never make it.
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