Evaluate the technical feasibility of your idea or product. Assess whether your idea can actually be built, and if so, what resources and technology will be required to do so.
Evaluate the availability of resources such as funding, skills required, and equipment to begin working on the project. Does the business idea rely on a specific partnership or technology? Are there any regulatory or legal requirements to get started?
Understand the market potential of your product, analyze the competition, and determine whether your product is financially viable. This might entail forecasting the potential revenue and identifying the cost to get started. This step helps to ensure that your product or idea is not only technically feasible, but is also commercially viable.