In this paper I want to define the term business idea and, in my experience, an adequate definition is as follows: a business idea is the initial notion of the company that you want to create. This initial idea presents essential characteristics such as the identification of a need or problem to be solved, which are satisfied through a product or service with which in return an economic benefit is expected.
Everyone can have ideas. A clear example is the children who are inexhaustible sources of these same ones. There are adults who have them when they are in the shower or doing some sport. People commonly have ideas every day.
But here comes the million-dollar question How do you know what a business idea is?
My answer to the previous question is to generate a new idea with the possibility of turning it into a business.
But let me remind you that an idea alone is worth nothing, the important thing is to execute it and implement it with a profitable business model that allows you to generate income.
“Ideas are the raw material on which business is built” -Alex Cormani
Some of the attributes, according to my experience, to know if an idea can be a business idea, are:
- It must be associated with the creation of a product or service (physical or digital).
- There must be people (clients) who have a real need in which you can validate their satisfaction.
- It should be possible to generate income.
- It should excite you and motivate you.
- It must be something in which you are engaged.
- Must have legal aspects allowed.
Although several factors can determine that we are dealing with a business idea, the absence of some of the previous attributes could compromise the development of this same.
I remind you that to undertake you need to invest time and effort, therefore I recommend you analyze objectively if your idea meets some attributes mentioned.
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How to develop business ideas?
Possibly so far you have not had a well-defined business idea, so I propose three simple techniques for you to generate these ideas:
- Ideas from what you like to do.
- Ideas based on needs or problems.
- Ideas based on your work experience.
After choosing a business idea, you must proceed to validate it to discover its true potential in the market, and for this, you can use tools such as Validation Board and methodologies such as Customer Development.