How do I know if my business idea is actually good?

Determining whether your business idea is solid can be a bit like navigating through fog. It isn't always clear, but some steps can bring clarity. Here's a framework that might help:

1. Scratch Your Own Itch: Start by asking if this idea solves a problem you're passionate about. When I left engineering to pursue creative endeavors, I focused on problems I deeply cared about. This motivation is crucial because entrepreneurship isn't easy; you need to be driven by more than just profit.

2. Validate the Market: Before investing too much, validate the idea. You could start small—create a minimum viable product (MVP) or use a landing page to gauge interest. I learned this the hard way when I built a product that I thought was fantastic but didn’t resonate with an audience because I hadn't validated the market first. Talk to potential customers, and listen to their feedback.

3. Longevity and Trends: Is your idea riding on a trend, or does it have staying power? Trends can be lucrative short-term but fizz out. I’ve always encouraged looking for “evergreen” ideas—issues or desires that persist over time.

4. Unique Value Proposition: What makes your idea different from existing solutions? A unique angle or approach can set you apart. For instance, when I developed The Corporate Dropout, I focused on the blend of structured engineering thinking with creative freedom—a unique angle in the saturated freelance market.

5. Financial Viability: Crunch the numbers. Can you price it appropriately? It's worth considering the capture (market entry), develop (refinement and growth), and expose (scaling and marketing) phases here. Each phase can help forecast financial viability realistically.

6. Seek Feedback, But Be Cautious: Sometimes, friends and family are too supportive or critical. Seek out industry peers or mentors who know the landscape. But remember, every great idea probably received some skepticism.

7. Gut Feeling: Finally, trust your instincts. When something didn’t sit right with my projects, my gut often proved to be on the mark. It's not solely about emotion, but intuition informed by experience.

Remember, there’s no guaranteed path to success, and sometimes it requires iterating or pivoting. Don’t fear the messy middle. Embrace it as a space for growth and learning. Whether it's a great idea now or needs refining, taking steps forward will teach you invaluable lessons. Keep redefining and reshaping success on your terms.