A brilliant business idea is always the first step of the entrepreneurship journey. An idea that changes the 'fate' of an entrepreneur, is known as ' Business Idea".
Isn't it?
In reference to Webster’s dictionary, " an idea means what exists in the mind as a representation (as of something comprehended) or as a formulation (as of a plan).” An idea is the content of cognition or the main thing one is thinking about or intends to do. It may apply to a mental image or formulation of something seen or known or imagined, to a pure abstraction, or to something that exists in the mind of a person.
An entrepreneur must be an innovator. He or she must have the capacity to convert an idea into a venture. And one more thing to remind, here...It is not a one-time process, rather an ongoing process. Even you build your venture based on your idea, you have to find the next, pick up and build the venture around it.
The human mind is the source of ideas and is always full of many ideas. Selecting the idea is also an important task.
Which one to choose?
First of all right down everything on the paper, with necessary details. You may need to write it, more than once.
Now, pick the idea which is having the following characteristics:
Innovative,
Unique,
Problem-solving,
Profitable,
Understandable
Make sure your idea is offering some sort of solution to the common man. Then, it is going to work out.
Also, have a look at the following points, if you need funding :
1. End User’s Benefit:
The key to marketing success is not an ingenious product – rather it is the satisfied consumer. People buy products services to satisfy a need or to solve a problem.
The first vital aspect of a successful business idea is to clearly describe what need will be catered to and how i.e. in which form it will be catered to.
2. Market:
The customer is the king. i.e. there must be demand or need or need to create the need for your product or service. Market acceptance is most important. A business idea can succeed only when it has commercial value, i.e. when the market accepts it.
3. Revenue Mechanism:
The business idea should clearly reflect the manner in which the revenue will be earned along with the quantum of revenue to be earned by selling the product or service. The business so set up on the basis of such an idea, should not only be profitable but also sustainable in line with the legal, social and environmental challenges and expected compliances with the relevant laws.