A Good Business Idea

A Good Business Idea Any good business idea could be an invention, a new product or service, or an original idea or solution to everyday problems. A good business idea does not necessarily have to be a unique product or service. The majority of the entrepreneurs credited their accomplishment to the exceptional execution of ordinary ideas. The chances of success therefore will be far greater if you can market a product that is similar to existing offerings while providing greater value to customers.

Here are a few ways to build upon the already existing material and would still provide a profit-driven concept:

(a) Develop ideas as an extension of an existing product (i.e. adding a camera and song features to a mobile phone).

(b) Create an improved service (fast delivery services).

(c) Market a product at a lower price (via e-commerce e.g. amazon.com).

(d) Add value to an existing product or service (i.e. reputable brand name or delivery service). (e) Altering their quality or quantity.

(f) Introducing automation, simplification, convenience (i.e. smart product).

(g) Personal interests or hobbies ă many people find ways to turn their hobbies into successful businesses.

(h) Work experiences, skills, abilities ă a business, related to the work you do.

(i) A familiar or unfamiliar product or service.

(j) Spot the latest trends.

(k) Changing the delivery method, packaging, unit size, or shape.

(l) Increasing mobility, access, portability, or disability.

(m) Simplifying repair, maintenance, replacement, or cleaning.

(n) Changing their color, material, or shape.

A survey of entrepreneurs found that most new start-up companies are involved in industries where they had significant work experience. The personal contacts and domain expertise developed on the job have proven to be valuable to many individuals who contemplated launching a business of their own.

Those who intend to start a business in a new industry are encouraged to first become an “apprentice” for a suitable time.

By doing that, a person could avoid costly mistakes. At the same time be able to assess whether you enjoy the work before making a serious financial commitment.