This summer after graduation I realized that I had a little bit more time to work on my own projects so I started to do some research on what could be the best projects to work on. The purpose of this exercise was to figure out whether a project or an idea is worth pursuing. In my case an idea worth pursuing is one which hopefully can scale to the point where it becomes my full-time job! Below are the 7 criteria that I came up with to evaluate whether an idea is worth pursuing or not:
- Demand: Are people banging on your door to use your product/service?
- Passion: Will I be willing to dedicate the next 10 years of my life to this project?
- Network Effects: Does product have some form of network effect?
- Sticky: Does this product fit the “habit forming model”?
- Market: Could this product have a large TAM in the future? Why?
- Segment: Is this product in a new segment or is it a new take on an old one?
- Social Value: Will the world be a better place if this product existed? How?
- Craziness: Does the idea sound crazy enough or is it counterintuitive to most people?
- Trend: Does the product take advantage of a new consumer trend or platform shift?
If and only if the answer to the 7 questions above is yes then I would go ahead and work on that project. This might sound inflexible but I don’t want to compromise on any of these areas in order to make sure that the project that I am working on is the best possible use of my time (at least within the constraints of what I know is possible). However, if I find a project that I really want to work on and it fits 6/7 criteria I might still work on it as long as I think it has potential and I feel personally fulfilled by it.
I would love to hear about how you consider what projects or ideas to work on or any feedback that you might have.
This list is a work in progress…