As doers, active, idealistic and romantic communities we tend to get exited and motivated by the slightest possibility of an entrepreneurship. That’s the reason that moves some of us and drives our intellectual curiosity and spirit to rush to new events, enterprises and initiatives. However, these sensation, excitement or “rush” related to a new enterprise could make us untidy with the formal steps we should follow to make an idea come true.
For this very important reason, any valuable entrepreneur should have some acid test not only for their ideas, but for their business plans and strategies as well. In this fashion, Henry H. Wong, a Stanford University Mentor has shared via YouTube a pretty straightforward and simple Acid Test called “Under the five leg table: evaluation method” where he discusses how every doer of the world should question itself and their idea in the following 6 stages:
- The cohesiveness of the team,
- The available market,
- The barrier of entry that the technology provides,
- Potential customers,
- Networking and
- Our financial capability
Here is Mentor Wong talking furthermore about this simple approach that could represent the success or breakdown of an idea or project:
Of course, all entrepreneur with certain experience knows that some of the previous steps described by Mentor Wong are essential but not an elixir or a highway to success, just the fundamental bases to know in order to gain that success. Entrepreneurship is a path with more intangible and imperceptible notions and actions that are approached even in a personal way with general fundamentals.
However, Mentor Wong general fundamentals are always a good start.