Get others opinions

[peterjhale]

If you have a new idea for a business why not discuss it with family and friends

They'll soon tell you if it's a mad idea (especially if they're your target customer group)

Speak to as many people as you can possibly find - you'll get good advice and new ideas from all of this.

Don't be afraid to ask

[inbakumar]

Peter,

Sorry to disagree with you here with your advice.

I prefer quality of advice over quantity of advice any day. In general, people are 'risk averse' and therefore are not comfortable with new ventures which are by nature risky. The best course of action for an entrepreneur is to trust his/her insticts, research the market, formulate the business plan and seek professional advice before launch. I don't think Bill Gates asked the opinion of his friends and family for their advice before setting-up Microsoft.

However, it goes without saying that the help and support of the friends and family is important as starting and running a business is a 24 x 7 occupation.

Regards,

Joel

[peterjhale]

I know what you're saying

Gut instinct can be very good - so long as you have customer demand (ie: do some research as you suggest) and be realistic with your business plan

[james]

Instinct is great so long as it is back up by facts

[JennyFine]

Talking to your family about a new business idea can be useful in two cases:
1. you just need moral support
2. they can be considered as representatives of your target audience

In the second case you're conveying a servey, but it won't be of any use if you ask just 3 or 4 people. I agree wit you, Peter, you need to ask as many people as you can, but you should also think of the criteria for selecting people for the survey, so that not to miss your target audience