Once you start a business, I think it’s very likely that no matter how well (or poorly) it goes, you’re likely to try to build a second a business and maybe a third and fourth. I have notebooks full of ideas. Most of them are terrible, but there are a few that could be diamonds in the rough. They need loads of shaping and polishing. The trick is to quickly and efficiently figure out which ones merit the time, effort, and attention. And I have a little tool that I love that helps me see which ideas have a shot at success and which ones have more holes than Swiss cheese – Alex Osterwalder’s Business Model Canvas.
In one simple page, Alex’s canvas shows the 9 main elements of what it takes to build just about anything that is economically viable and there are many ways it can be used including building a business or a product of any variety.
If you’re wondering how best to test any idea you have, I highly recommend taking a look at the following links: