Evaluation of a business idea

The prospective entrepreneurs should try to evaluate their business idea as objectively as possible at an early stage. This way, later problems can be identified and avoided. There are different approaches to this:

  • Evaluation according to business criteria
  • Use of studies and economic data
  • Own studies

Consideration of your own resources and skills

When evaluating a business idea, you should always keep your own skills and resources in mind.

Evaluation according to business criteria

With this method, one analyzes the desired markets, target customer groups and other important factors in a quantitative way, that is, one estimates or counts them. In order to avoid inaccuracies and overestimations, one always chooses an optimistic and a pessimistic representation. Then you evaluate the resulting potential.

Use of studies and economic data

With the help of studies by market research institutes, you can identify trends or better evaluate your own estimates.

The representatives of the branches give you the opportunity to obtain precise figures on the market situation and sales of the targeted market.

Additional material is available through its own competitors in the form of annual reports, brochures, and corporate marching plans.

Own studies

It can be useful to get your own impression of the opinion of the future target group. A questionnaire can be created for this purpose, which should contain at least the following points:

  1. Brief description of the business idea (maximum three sentences)
    2. Do you need the product / service? Why not?
    3. Would you spend *** euros on it?
    4. If not, what would your price limit be?
    5. Do you already use a similar product / service?

Consideration of your own resources and skills

When evaluating a business idea, you should always keep your own skills and resources in mind:

Do you have the necessary know-how to be able to successfully implement the business idea?

Are you even a founder yourself?

Are there enough financial resources to survive the start-up phase?

Is there enough time to deal intensively with the start-up or are you still involved in other projects?

Checklist for your business idea

You will find all the relevant factors for evaluating your business idea summarized in our business ideas checklist.

How do you protect a business idea?

Especially at the beginning, the business idea and with it the emerging company are exposed to particular dangers. Since many ideas are based on innovations in products, services and processes, they are a treasure trove for people who are all too happy to “borrow” new ideas.

The legislature has therefore created several options for legally protecting a company’s intellectual property. There are also a number of other protective measures.

The general rule is: confidentiality

Everyone involved in a start-up project should always maintain confidentiality. Information about the innovation should only be written abstractly and sketchily. Experts who are called in for consultation should be sworn to secrecy and documents that contain details about the business idea should be marked with “confidential”.

The aspect of confidentiality is particularly important when a patent is to be applied for on a product, since prior publication of the product makes a patent application impossible.

Property rights: brands, products, domains, designs

A protection procedure, such as the patent application, is initiated at the German Patent and Trademark Office in Munich. If you want to be adequately protected on the international stage, you also turn to the European Office for Harmonization in Trademarks and Designs (OHIM).

Patent
A patent can only be applied for on a commercially usable, new product. It can be protected for a period of up to 20 years, but this is very expensive. The patent is published 18 months after registration and confidentiality is no longer guaranteed.

Utility model
In contrast to a patent, the maximum term of protection for utility models is limited to ten years.

The utility model is an unexamined property right. After registration, it is only checked whether the invention can be protected as a utility model; it is also subjected to a plausibility check. The utility model is then registered.

Any overlaps with utility models that have already been registered are therefore possible. You will not be examined until there is a legal dispute. To prevent this, you can submit a research request.

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