It’s not a seven course meal.
It’s just a snack.
You can consume it in a minute or so.
But, it brings the flavor!
The first two of three criteria were Passion and Impact. Over the course of coaching hundreds of startup entrepreneurs, I’ve seen many whose projects meet these two criteria – but that fail the third criteria.
The third criteria is Doable. Do you have the resources – the knowledge, skills, and connections – to make the project happen?
I’ve met with numerous entrepreneurs who had wonderful project ideas, yet couldn’t get started because they needed a technical cofounder, or needed someone to handle sales, or didn’t even know any companies or consumers in their target market. I’ve seen idea people write business plans requiring vast financing to hire the top talent they lack (but without having any individual people in mind for those positions). Investors don’t look at “We’ll throw money at it later to shore up our skills” as an admirable trait.
Even if the project idea scores high for passion and impact, you are better off to scrub it if you don’t have clear resources to do the project – rather than fooling yourself. Of course, you can always go obtain those resources – and evaluate the project again later – and then I’d say you are good to go!
For a thorough guide to innovation techniques that will help you conceive and invent products that customers love, buy Steve’s e-book Made From Scratch