What is a Business Idea?
To understand a business idea you need to know what’s business in the first place –
A business is a repeatable process that:
- Creates and delivers something of value…
- That other people want or need…
- At a price they’re willing to pay…
- In a way that satisfies the customer’s needs and expectations…
- 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.