The framework is simple: each of those projects is basically throwing something on the wall to see if it sticks. Your definition of "it sticks" may vary, but basically, if you're seeing enthusiastic responses from target potential customers, in a tangible way that means you're fairly confident that money will be forthcoming, or even better, if you're seeing money coming in, then it probably counts as "sticking".
The exact definition depends on the type of business... I'll write a follow up post to explore that in more detail.
Thanks, and I'd love to hear more as you mentioned.
For example "money coming in" could be:
* $100/month (ok, we're getting something)
* Or $2,000/month (still not enough to live off, or whatever is less than your living expenses)
* Or $5,000/month (ok, I could live off this)
* Or $10,000/month (from my perspective would be a comfortable income).
I guess one part is one would have to look at the acceleration of the growth. If it's $800/month after 2 year's work it doesn't sound like you're really on to "the one".
However, I'd say if your business helps you move one rung up the ladder (from zero to survival, to comfort, and then to wealth) then it's "successful" at least on the financial level.
In terms of figuring out if the business is "sticking" early on, that can't be ascribed just to money - it really depends on what you're building. You need to figure out the core metrics that drive your business and see whether they're going somewhere good. In some cases, the metrics are money, in others they might be user growth, or something else!
And what if it is a social idea whereby monetization comes only with traction? IE: Dropbox, etc, and a initial invest of time, say at least 6 months is needed to the product ready, what should I do in a case like this?
The framework is simple: each of those projects is basically throwing something on the wall to see if it sticks. Your definition of "it sticks" may vary, but basically, if you're seeing enthusiastic responses from target potential customers, in a tangible way that means you're fairly confident that money will be forthcoming, or even better, if you're seeing money coming in, then it probably counts as "sticking".
The exact definition depends on the type of business... I'll write a follow up post to explore that in more detail.