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 It's the fundamental question: will my idea work? And in my career as serial entrepreneur and investor, I've seen many different ways to analyze opportunities. But it wasn't until I met John Mullins, Professor at London Business School and entrepreneur, and heard his approach, called the 7 Domains, that I had that feeling: Ah, HA! Quickly followed by, "Darn (or perhaps something stronger). This could have kept me out of trouble once or twice…" |
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| So when young or new entrepreneurs ask my opinion of their business ideas, or ask "Can you connect me to someone who will tell me if this is a good idea?" I explain my view: no one single other person should ever determine whether you pursue an idea or not. The only person who can figure out if it's a good idea is you.
But you're not without help - there are some tools for analyzing your idea. The 7 Domains is one of the best I've seen.
John Mullins has graciously shared his thinking and writing with NEN, so you can check out his framework, and see if you find it useful for your analysis.
- Laura Parkin, ED, NEN
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Passion! Conviction! Tenacity! Without these traits, few entrepreneurs could endure the challenges, the setbacks, the twists in the road that lie between their often path-breaking ideas - opportunities, as they call them - and the fulfillment of their entrepreneurial dreams.
The very best entrepreneurs, however, possess something even more valuable - a willingness to wake up every morning and ask a simple question about their nascent opportunity: 'Why will this new business work when most will fail?' Or, to put it more realistically, 'What's wrong with my idea, and how can I fix it?'
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| Tools to answer the question 'why will or won't this work?' |
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