Nov 5, 2017

Characters of practical business ideas

Practical ideas have a market

Find out if there is a need for your idea. It doesn't hurt to talk to competitors or leaders in the industry. They can give you some useful insights about the soundness of your idea. Searching online can also reveal more insights about the need for your potential product or service. Sometimes the customers you had in mind might turn out not to be the ones who really need your product, so you might need to adapt your idea to suit the real customers. While the core of your idea may stay the same, the details and delivery will probably evolve, so you need to be close to your customers.

Practical ideas solve real problems

People will only pay for something that gives them real benefits, like removing a pain or making their lives better or processes easier. Would you pay for something that you can easily do without? Or something that brings you no joy or satisfaction?

Practical ideas are simple

A sound business idea is something that is not complicated but simple enough to be implementable with the available people and resources. An idea that will need expertise that is not easy to find will be difficult and expensive to turn into a business. You don’t have to reinvent the wheel. Instead, you should seek ways to make iterative improvements or changes to existing products so as to create new uses and new markets for them.