Every one of us who has an idea for a product or a business has that moment where we think we’ve created something life changing. As a serial inventor, I can tell you I have that feeling at least once a month. Ugh! My mind starts spinning, I become obsessed with my idea and I’m immediately convinced that I’ve come up with the next “big thing”…I will be making millions in no time! Ever had that feeling? I’ve driven my family crazy with all my so called “life changing ideas!” Over time I finally learned to make a deal with myself—I committed to “sit” on my idea for 72 hours before telling anyone about it or taking any action. That deal has served me well as nine times out of ten times, I realize my idea is not so life changing after all. If you have an idea for a product or business that you think is great, take a look at what the Sharks say makes a good product idea, great. Interesting thoughts!
Barbara Corcoran: If your business idea clearly answers a need in the marketplace, it’s probably a good idea. If the need is already being met by well-entrenched competitors, it can still be a good idea if it’s a new, cheaper or more clever way of doing it.
Daymond John: Something that solves a problem (i.e., helps you do something faster), satisfies a need (i.e., makes an existing product cheaper), or improves quality of life (i.e. medical devices).
Kevin Harrington: A good business idea is a product or service that solves a problem that is not already being solved in the marketplace. The product or service should be unique enough that it’s not something already readily available.
Robert Herjavec: There are lots of good ideas but most great businesses are built on better execution of an existing idea. I am not a big believer in creating a better idea and the world beats a path to your door.
Thanks for sharing your thoughts and insights about product ideas, Marcy.
Love the advice “make a good product, GREAT!”
This is great advice on how to create a product; it’s always good to solve a problem!
It’s so easy to get caught up in a new idea only to realize it isn’t such a great idea after you have invested time and money! Waiting is definitely the key – thanks Marcy. I need to do this for sure!
Advice straight from the Shark Tank. I love it! Now all we need is Mark Cuban in the mix =)
Excellent article providing valuable tips! Thanks for sharing!
I like the idea of sitting on the idea for 72 hours. That gives you time to really think it over.
I agree Marcy, I’ve had a lot of business ideas that seemed much better before I slept on them and reality set in a little! Solving a problem is the key to a successful product or business. Any time you can do that, you can’t go wrong.