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Is it the right idea?  

Paras Chopra offers three key questions in determining whether an idea is worth pursuing. He calls them "validation", but I hesitate to accept that, since validation is external, whereas the questions Paras picks out are basically introspective angles on an idea:

  • Do you think what you are providing is creating significant value for anyone? Value should be so significant that people should curse you if you take that service away from them. Do you think it could happen?
  • Do you think there is big enough market for the service AND the market is easy to reach (without spending bootloads of money)?
  • Are you enjoying doing this? Do you see yourself doing this for several next years?

Notice the "do you think" angle. Validation questions would be "Are people telling you that what you are providing creates significant value for them?" and the answer to that question would involve data. An idea is not validated just because you think you know the answer.

That said, those are three important questions to consider before throwing yourself into an idea. If you're providing no value, the market is too small for your ambitions, or it's not an idea you feel passionate about, it's probably not the right idea.

More from the library:
Leading indicators of engaged users
How to evaluate founder exits
Unintentional plagiarism - your ideas belong to everyone