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:
1.
The
cohesiveness of the team,
2.
The
available market,
3.
The
barrier of entry that the technology provides,
4.
Potential
customers,
5.
Networking
and
6.
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:
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