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.