Quick: What is the single most important factor in business? Did you name a product? Did you say “money”? Maybe you said “customers.” If what you said was not “ideas,” then you lose today’s 25-cent question! Whether you are a sole proprietor, a small partnership, or even a burgeoning corporation, when it comes to business, the “idea” is the seed from which all else grows.
Maybe that seems a bit hyperbolic. You might be asking yourself, “How can an idea be more important that the product and services I sell, the clients I serve, or the money?” Face it, you want to know how an idea can be more important than money, don’t you? It’s really quite simple: Before you can have clients, before you can sell them products, and before you can take their cash, you have to have an idea for a business and the products and services you will sell. You must have an idea of the type of client who will buy those products and services, and you must have an idea of how you will invest and track that money.
Ideas are at the very foundation of “business.” That makes them super important to any business, small or large. So…how do you know if you have a good idea? Ah, there is the trick!
Never fear, here are two simple tests that will help you determine if you have a good business idea or not. Check out our new SlideShare presentation and see how your idea stands!
Do you have other tried and true methods to determine whether or not a business idea is “good”? Or perhaps you have tales of the times you ran your idea “up the flagpole” and nobody saluted.