Business idea

A business idea is a concept envisioned by individuals or teams that can be monetized through the delivery of products or services. Serving as the foundation for entrepreneurial ventures, a robust business idea is essential for the development and success of new enterprises. It encapsulates the initial vision that guides market research, product development, and business strategy, ultimately contributing to economic growth and innovation.

Characteristics of a Promising Business Idea

  • Innovative: They introduce new or improved products, services, or processes.
  • Unique: They offer something that is not readily available in the market.
  • Problem solving: They address specific problems or fulfill unmet needs.
  • Profitable: They have a clear path to financial sustainability.
  • Understandable: They can be easily grasped and communicated. The concept behind Uber, using an app to hail a ride, is simple yet transformed urban mobility.

A business idea is often linked to its creator who needs to identify the business's value proposition in order to launch to market and establish competitive advantage.

This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.