How do you know if your idea is feasible?

If there are alreaedy competitors in an industry does that mean that there is no room for opportunity for new companies or products? How do you analyze how feasible your idea is or how much room there is in the market for new entrants? I dont want to start working on a project if the idea, timing or industry isnt right. Any thoughts or suggestions on how to go about determining this? Thanks...

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Submitted by DHuffman on Thu, 03/12/2009 - 12:18pm

Market Research

Submitted by Lucas Sommer on Tue, 03/31/2009 - 9:39am.

Great question Dhuffman,

First of all if you have a USP (Unique Selling Proposition) there is always room for new products in a competitive market. Think of Monster Energy drink in the Gatorade/PowerAde market, they beat all odds and made their niche in a market where Gatorade is the clear leader.

Regarding feasibility you need to do market research, analyze similar ideas and gage their performance.
Since you are a university of Miami student you have access to free market research via the University of Miami library or the Graduate School of business has great Market reports for you start from.

For having an overall feel of the industry it is always useful to look at the financials of public companies via E*TRADE or Google finance however the best way is always to do research and read analysts report on the industry, if your idea creates a new industry then use your own intuition to tell you if the timing is right.