Deciding what you are actually going to build is arguably the most important choice an entrepreneur faces. Here are some things to keep in mind before you begin on your business idea.

1. Make sure your product solves a need
Randy Komisar, author of the Monk and the Riddle says it best. Some people create a jumping dog, without ever asking if anyone wants to buy a jumping dog. The morale here is that you need to make sure that people have a definitive need for your product. It has to solve an important problem to them. This is the first question you must ask yourself, once you have decided on a product


2. Nobody will buy a product that is simply "cool"
Certain entrepreneurs (especially tech savvy ones) love to try and use a new technology to build something. For example, you know how mapping software works, so why not build a product that lets you design a path from one city to another, which will always pass a fancy hotel every 50 miles. Well, that's pretty neat, but nobody is going to pay you a dime for it (other than the miniscule demographic of die hard hotel tour groups). Try to find a problem that you can solve without the technology mattering. In reality, customers don't care which technologies are being used. They only care that their problem gets solved. Look at other small business ideas that have been successful: most of them are not profitable because of 'flashy' products


3. Make sure you can actually build it
A flying skateboard is a great idea that a lot of people would pay money for. But obviously I can't build it. Don't waste time on "flying skateboard ideas". An equally stupid idea (for me) would be attempting to build a mapping application that connects to Twitter and relays GPS coordinates to all my friends within a certain radius. This is a more realistic idea, but I can't build it either, so it's worthless. Be certain that you can actually build your product before you invest time into it. Look at other small business ideas that have become successful, and you'll realize they all have something in common: they all exist. Make sure you are working on something that can actually be built


4. Make sure it does at least one thing that's unique
A great way to pass this test is by asking the question: Can my product say that it's the only product to offer _____, or to perform ______? If yes, then you've found a winner. If not, try to reposition it, or create an advantage that is unique


5. Can you name at least one person that will buy it
Excluding yourself (or your grandma), will anyone else actually buy this product? You should be able to name at least one person that will definitely buy it. If you can't think of anyone, then that's an indicator that you don't know your market (or even have a market for that matter)


Make sure you can pass all 5 of these steps before investing your time in a new startup. As an entrepreneur, it's vital that you conserve money and time. Avoiding a bad idea will save you a lot of both.

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