To See If Your Idea Can Be a Success, Focus on N.E.R.C.M. Entrepreneurs should consider these five factors when deciding if they should pull the trigger on their business idea.
Opinions expressed by Entrepreneur contributors are their own.
Not all ideas are million-dollar businesses.
There is a real difference between a great idea and a true business opportunity. So, how are you able to decipher between all the great ideas floating around in your mind and the ones that will turn into a thriving business? It's all about the execution.
Related: Scale-up Secrets From 7-Figure Entrepreneurs
There are several factors that can help take a simple idea and see if it can become a true business opportunity. Five of these factors can be found in the acronym N.E.R.C.M. which stands for need, experience, resources, customers and model. The more these factors exist in your business, the higher your probability for success.
So, how do you make sure these factors are incorporated into your idea? Check out this episode in my podcast series The Main Street Entrepreneur to to find out.