The Perfect Criteria for Starting a Business -Why Most Business Ideas Fail Before They Even Begin

Hardly a day goes by that I don’t get an email from someone asking me what I think about their business idea. Or a phone call — usually from a bright-eyed twenty-something eager to escape the 9-to-5 treadmill. Sometimes it’s a retiree, recently cut loose from corporate life with a good pension and time on their hands, asking what business they should “get into.”

After hundreds of these conversations, here’s the truth: most people put far too much thought into the product and far too little into the marketing.

I have a simple test — just three core criteria — to determine whether an idea has any real chance of becoming a million-dollar business. If it passes all three, you’ve got a shot. If it doesn’t, you’re better off keeping your day job.

Criterion #1: Do You Have (or Can You Get) a Readymade Audience?

Before you fall in love with a product, fall in love with the market. Specifically, ask yourself this:

Can I buy, rent, borrow, steal, or partner for a list of people who are already interested in what I’m selling?

That list might be:

• A direct mail list of dog owners who buy training…