How to pick your best start-up idea

Are you a Pre-Entrepreneur brain-storming on your start-up ideas?

Pre-Entrepreneur cracks their brain to think of the breakthrough business idea there ever exist. When they finally concluded their brain-storms, there is a dozen of ideas that seem to work.

What to do then? which idea should they work on?

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With reference to the book The $100 Startup by Chris Guillebeau, this is a technique called "The Decision-Making Matrix"

This technique can help you pick the best business plan from your long list of ideas in a few minutes!

With your list of ideas, jot them down in the first column of the table. With that, you scores your ideas ranging from 1 to 5 in the blank boxes(1 being the lowest score while 5 is the highest).

The scores are subjective. There is no right or wrong and it is based on your opinion of your business idea.

Here is the breakdown of the score attributes:

Impact = How much the idea will impact on your business and customers.

Effort = How much effort you have to put to create the business. (low score indicates that lots of effort is required, high scores indicate that very little effort will be required.

Profitability = How much money business will bring.

Vision = How much the idea aligns to your mission and vision.

Here is my example:

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The decision-making matrix helps you see the strength and weakness of your idea. It also helps you compare business ideas which may be fundamentally different to one another.

It may not be compulsory to use the Decision-making matrix every time you start a new project. However, it is definitely helpful to whoever is still undecided their start-up. Moreover, using this method only requires a few minutes of your time!