5-Minute Mentor: Is My Idea Ready to Be a Business?

Here's how to test your idea and bring it to market in an impactful way.

learn more about Terry Rice

By Terry Rice

"If you are talking to everyone, you are talking to no one." So says Terry Rice, a business development consultant and contributor at Entrepreneur.

In this week's episode of 5-Minute Mentor, Terry sits down with Noah Owsiany, a college student who has an idea for a business called SocialLink, which aims to connect people to local events based on their interests. Over the course of their conversation, Terry explains:

  • How to speak directly to your target audience
  • Why you should not be in a rush to scale your business
  • How to identify missing components of your plan that are stopping you from reaching your goals
  • The benefits of taking a "problem-first" approach to ideating
  • When it is time to go from proof of concept to launched business

All in five minutes! Watch the above video to hear Terry's tips and see how they can be applied to whatever project you're working on. Go get 'em!

Terry Rice

Entrepreneur Staff

Business Development Expert-in-Residence

Terry Rice is the Business Development Expert-in-Residence at Entrepreneur and host of the podcast Launch Your Business, which provides emerging entrepreneurs with the critical guidance needed to start a business. As the founder of Terry Rice Consulting he helps entrepreneurs make more money, save time and avoid burnout. He writes a newsletter about how to build your revenue and personal brand in just 5 minutes per week.

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