21-Point Invention Evaluation Checklist

Honestly evaluating your product against general, industry, market and product criteria will help determine whether it has a good chance of success. Use this checklist to perform that evaluation.
Opinions expressed by Entrepreneur contributors are their own.

How do you go about evaluating whether or not consumers will support your idea? You need to take into account complex variables, including the most unpredictable variable of them all: . This variable turned bell bottoms, Mood Rings and Hula Hoops into huge successes.

This task isn't easy (or consistent), but honestly evaluating your against general, industry, market and product criteria will help determine whether it has a good chance of success.

General Criteria
Is your idea legal?
What is its environmental impact?
Is it safe?
Is it high quality?
Will it have wide social acceptance?
Will it have any negative impact?

Industry Criteria
Who is your competition?
Does your product require the assistance of existing products?
Is there just one product or a line of products?
Will be competitive?

Market Criteria
Does your idea fit into a trend?
Is there a need for it?
Is it seasonal?
Is it a fad, or does it have long-term value?
Who will buy it?
Does it need instructions?

Product Criteria
How much will it cost to get your idea to market?
Does it require service or maintenance?
Is there a warranty?
Does it need packaging?
Is it the simplest and most attractive it can be?

More from Entrepreneur

Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Amplify your business knowledge and reach your full entrepreneurial potential with Entrepreneur Insider’s exclusive benefits. For just $5 per month, get access to premium content, webinars, an ad-free experience, and more! Plus, enjoy a FREE 1-year Entrepreneur magazine subscription.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur