The importance of a good idea for a business growth

The importance of a good idea for a business growth

It is impossible to consider the creation of a company without an initial business idea

316

In addition, the more original and creative this idea is, the more likely you are to succeed. However, finding that "great occurrence" is not easy because, in many cases, what we believe is innovative already exists, and in other cases, it is not a viable business.

Although it is not necessary to deal with the invention of the century for a business to function well, the truth is that it must at least be a new way of management, an innovative vision of a service or a new way of providing it to users.

At first glance, this seems somewhat complicated, and of course, it is not easy, but the most unexpected situation (a news in specialized press, a bad experience suffered from some service, the detection of an unmet need in your environment or even talk with friends) It can provide you with the key you need to start your own business.

Inspiration sources

A good part of the professionals who become self-employed set-up businesses related to their profession or personal hobbies that are fields that they control and in which they find it easier to detect deficiencies and find good ideas.

Others find inspiration by observing the people around them, launching products and services that can serve to improve their lives.

One of the methods most used by entrepreneurs is to transform or improve a business idea that already works, providing it with new uses, new ways of selling or introducing some service or element that serves to differentiate them from the competition.

Another formula is to take advantage of the impact generated by a new product in the market and try to cover some of the gaps that open around it (such as, for example, the businesses that have emerged around the sale of accessories for recent generations of smartphones and tablets).

There is also the possibility of inventing something totally new. This is a bit risky because you don't know how the market will react. It is a vacuum jump without a network, which requires having great confidence in what you have created, knowing with absolute certainty that there is nothing like it in the market and investigating what competition you might have. It is even advisable that you previously conduct a small study among potential clients to get an idea of the reception that this service or product would have.

Businesses that already exist

Knowing what is done outside our borders can help. If we live in a global world, then ... why a product or service that works well in the US cannot succeed here? Importing a business model that has succeeded in another country and adapting it to our market is a different way to exploit a good idea with which to start a business.

Measure your possibilities

Unfortunately, not all good ideas give rise to good business, so it is very important that before starting up you analyze in-depth what you are going to offer, if it will have room in the market and if you can face the resources that you will need to carry out your idea.

You can find an interactive test that will help you make a first evaluation of the possibilities you have. And if you decide to move forward, remember that the second step you must take is to translate that business idea into an economic plan, thought and structured to the fullest, to help you know if your idea can be transformed into a profitable company.

Report this Content
This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.

More on Odyssey

Facebook Comments