The final question on our list are there laws or regulations that are holding you back, you must know the legal landscape that you are facing every rule and regulation out there, both at the state and federal level. Oh and don't forget those ornery local regulations as well. You need to know what's going on in the space. There's easily available information online. Next week, we're talking about time management have a great weekend. 

The fourth question to ask yourself is what other solution exist. It's important that you understand the industry as a whole and who your competitors are and what challenges you face, you may learn some great things from them. Have they already tried certain pricing models that didn't work or have they developed a great value proposition that you should emulate learning about the competition is vital 

One vital question that you have to ask about any new idea is are people interested obviously you're interested or you wouldn't be thinking about it but there’s a much bigger question: are thousands millions of people also interested in this idea you have to test it maybe create a subgroup on Reddit And see how many people sign up. Or start a crowdfund campaign and see if you can actually hit your goal with hundreds of people willing to help you.

There are 5 vital questions that must be answered when studying a new idea. yesterday I suggested that you must be able to clearly state what the problem is that you're solving for you to be successful today I'll give you question #2

When you are deciding whether to pursue a new idea say start a new business there are some vital questions that you must be able to answer one of them is are you good at the business you're thinking about for example I don't know anything about AI so I shouldn't start an AI business it just makes common sense it's one of the reasons we love it when people start a business to compete with their old boss it has a very high the likelihood of success just make sure you don't steal any clients.

This week we are talking about the 5 vital questions that must be answered when considering a new idea. I believe in reducing risk as much as possible for any new idea or endeavor. The way to do that is to make sure you can answer the 5 questions to be discussed this week. I will give you the first one right after this.  

Any new business, idea or opportunity should answer the question, what problem will this solve?