What is a business idea?

Choosing a business idea

Every person who wants to start his own business, gain independence and well-being, begins his activity by searching or creating a business idea.

However, let’s think about what a business idea is and how it differs from a dream.

First, the business idea is aimed at making a profit.

The whole point of a business is to sell your product or service for money. Therefore, only such an idea, the ultimate goal of which is profit, can be called a business idea.

But after all, a dream is also often associated with a desire to get rich. You can, for example, dream all your life to win the lottery without buying a single ticket.

Secondly, a business idea is different in that it answers the question, how to make money?

This is a very important difference. In essence, a business idea encapsulates a way to make a profit, and roughly describes the process of making it.
It is not enough to think about how you can make money. It is extremely important to understand how to do this.
Only when the process of making a profit is thought out in detail, we can say that a new business idea has arisen.

There is an excellent test that can be used to check the readiness and maturity of an idea for a business: drawing up a business plan, which is an obligatory intermediate link between the idea and its implementation.
If the business plan is written easily and takes into account all the details of the future business, then the business idea has already matured.
If there are more questions than answers, then it is better to continue thinking about the idea in detail.

By the way, the business idea itself is a commodity that can be sold. However, this product can be sold only if a detailed and thoughtful business plan is prepared, which is the essence of the business idea.

And finally, a few words should be said about the competitiveness of a business idea. Millions of people, and probably billions of people in the world, dream of becoming rich. But relatively few succeed. Why is this happening?

First of all, because most people do not move from a dream to a business idea. This step, so short, many people do not do all their lives. And those who do often try to make money on ideas already worked out by others.
It has been noticed that the ideas of earning money among poor people practically do not differ from each other. And, of course, if people try to implement such business ideas, they very often fail.
After all, a good business idea loves space. New ideas that have not yet been implemented by anyone can earn millions.

But even old business ideas worked out by others can bring profit, provided there is low competition in the surrounding territory.

So, a good business idea must meet three basic conditions:

— to be competitive;

— so specific that you can draw up a business plan;

— carry the possibility of making a profit.