How to identify a great business idea?
Idea
noun {i•de•a} A thought, conception, or notion
Tell me if this sounds familiar: You come up with a new business idea and head over to Google to do your research, only to find that there are already about 10 other people doing what you thought was a unique idea.
The good news are: A great idea doesn’t necessarily have to be totally new or revolutionary — or even original. It could simply be an improvement, a tweak or a development. Something that adds value to an existing product or service.
Let’s assume that you haven’t closed your browser window in disgust and disappointment — what’s the next step? How to understand that your idea is worth it?
Start questioning. The first test your idea has to go through:
Does your idea address a human want or necessity? If not, it doesn’t even have to be explained why you need to stop here. If yes, continue with questions about your target — Have you stepped into your customers’ shoes? Do people really need this? A critical moment here is to be honest if you find that your idea would only be useful to you, not to the market.
Next. Great ideas (at their core) are easy to explain.
Try to explain your idea in a few words, that includes the problem, a simple solution, the benefits for everyone etc. Did you found yourself struggling with this? If yes, try to understand where is the problem, before giving up. Which part made it difficult for you? If not, it’s time to expand your point of view by sharing your idea with other people.
Seek out fresh perspectives. Working with people who are similar to you is a sure way to trigger groupthink. Instead, step out of your bubble. If you work in accounting, try making friends with people in marketing or production. Seeking out different points of view will make you a better thinker in the end.
Did your idea survive the test? Inspiration comes from everywhere, so with no matter if the answer is yes or no — soon you are going to find a new idea or new ways to improve the old ones. Just let your creative side lead you through the path.
Got a project in mind?
Drop us a line! Let’s build something great. Together.
Get in touch with us at hello@globalizeit.tech
