How to develop a great business idea
Good business ideas are essential in starting a successful business. This lesson will explain what business ideas are, how you can find one and how you can assess whether a business idea is great. Also, this lesson will provide you with inspiration, by presenting female entrepreneurs with great business ideas.
What is a business idea?
A business idea is a first thought or idea of how you can make money as a self-employed person. The business idea is the first necessary step of every new business foundation.
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What makes a good business idea?
To start a business, you need a good business idea. But what exactly is one?
A good business idea offers a solution and considerations on how to make money with the proposed solution. The business idea is the center of your business concept that you will describe in detail in your business plan.
This is how you can identify a good business idea:
- it solves a real problem (or better than competitors)
- it suits your personality and strengths
- the market for the idea is big enough to generate a sufficient income.
To assess whether your business idea is good, is helps to be constantly asking for opinions: from experts, from your personal environment and from potential customers.
How do I find my business idea?
Mostly through brainstorming, researching or observations about what you could earn money with. One method to help find a business idea is thinking of:
- tried and tested business ideas
- improved business ideas
- new business ideas
Across Europe, many women have found great business ideas and set up successful businesses. To find inspiration for your own business idea, you can browse through success stories here: