How to identify a "Do-able" idea?

The ultimate entrepreneur's goal is to find the best idea to fit the gap that is in demand in the market. How do we go about it? 

There are 3 factors that should be considered regarding the idea.

They are... 

1) Cost effectiveness (how economical is the idea?)

2) Prestige (in reference to social norms, how well regarded is the idea?)

3) Awareness (how many people in the population is aware of your idea?)

You can plot the factors individually in a 3 dimension graph

1) Cost effectiveness  - X axis

2) Prestige -Y axis

3) Awareness - Z axis

Position your idea together with competitors in the graph and compare

If the area where your idea is, is swarmed with competitors, you might want to think again.

Unless of course your idea is niche, brilliant and that demand is apparent.

(Pardon me for the graph cos I used paint to create it)

You must be wondering why the title of my first post is not about this blog. In fact, if you observe carefully, I truly believe that creating this blog is not only cost effective, the marketing content would also very high relevant and regarded. Well... the awareness is up to you to help me share the word of mouth if you truly find it helpful =)