One of the best ways to evaluate a new business idea is to see if it has been done anywhere else in the world, and if so, was it done with success. There is an old saying that there is no such thing as a new idea, only recycled ideas in new packages.

Some people evaluate a business idea by telling their friends and relatives. The problem with this approach is that your friends and relatives may not be in business. And they may not want to offend you by telling you our idea is a bad idea if they think it is. So try something impartial.

Step one is to discover the existence of a similar business is an internet search using all of the major search engines, and using variations on your particular business.

As an example, let’s say you have an idea for a variation on speed dating, but you want it to be oriented towards business people and not couples looking for dates. Business people are always looking for contacts, and are always networking, meeting new people.

An Internet search under headings like speed meeting people, speed business meeting, speed networking, speed contacts, speed business contacts, quick business contacts, fast networking, quick networking, and other combinations will show you if something is available.

In this case, the idea of adapting speed dating to business contacts does exist in some cities, often with great success and is most commonly called speed networking. This tells you that your idea works some places.

Next, take an informal survey. Call several business people out of the blue. Find their names in the Chamber of Commerce membership guide, or your business journal Book of Lists. Ask them for a minute of time and explain the concept. See if a majority have an interest. If at least half say they do have an interest, you’ve got a winner.

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