Is your amazing new product idea really worth gambling on?

So how can you tell if your amazing new product really is worth gambling on? The truth is, you can never be 100 percent certain that your idea will sell. No matter how enamoured you are of it or how much your friends rave about it, the success of a new idea depends on numerous factors, many of which are beyond your control.

The most important factors that can affect the success of a new product include:

The viability of the product idea: Is this really a valid product idea that has the potential to generate revenue or just an epiphany that would be best forgotten? This factor is very crucial as viability of the product forms the basis of its introduction.

The people behind the idea: The right team can make all the difference. With the right kind of people in the team, one can be sure of the product’s success.

The resources required to take the product from the drawing board to the first round of funding: Do you have the perseverance, the knowledge, the contacts, the capital (from family and friends) and a hundred other things required to take your idea from drawing board to delivery?

The demand for such a product in the marketplace: Will this product fill a need or satisfy an itch?

The competition: Is the market already crowded with competitors? If so, what will it take to move your product ahead of the pack?

The best advice when it comes to amazing new product ideas are, it's best to follow your head and not your heart.

The author of this article is working with venture capital funding company, SternFisher.