Lesson 1, Topic 1
In Progress

What is a Business Idea?

February 9, 2022

To understand a business idea you need to know what’s business in the first place –

Image source: freepik.com

A business is a repeatable process that:

  1. Creates and delivers something of value…
  2. That other people want or need…
  3. At a price they’re willing to pay…
  4. In a way that satisfies the customer’s needs and expectations…
  5. So that the business brings in sufficient profit to make it worthwhile for the owners to continue operation.

It doesn’t matter if you’re running a solo venture or a billion-dollar brand. Take any one of these five factors away, and you don’t have a business — you have something else.

  • A venture that doesn’t create value for others is a hobby.
  • A venture that doesn’t attract attention is a flop.
  • A venture that doesn’t sell the value it creates is a non-profit.
  • A venture that doesn’t deliver what it promises is a scam.
  • A venture that doesn’t bring in enough money to keep operating will inevitably close.

In the next section, we are going to see how to ideas that turn into a viable business.

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