Here’s a little secret that you may not know: everyone has an idea that they think will change the world. Every failed entrepreneur truly believed that their business venture would succeed, or at least that it had a chance. The fact is, however, that not every idea is a good one. One of the must-haves if you want to get from the bus to your Bentley is a good business idea. But, how do you know if an idea is truly a good one?
There are some specific criteria that your business idea must meet if you’re going to succeed:
- It must meet a real need. Just because something sounds cool doesn’t mean people will pay to have it. A good business idea meets a specific, tangible need. That need might be mental, social, physical, or spiritual. That need might take the form of a desire or a want, such as the “need” to be entertained. Good ideas are good, in part, because they make a difference in peoples’ lives.
- It must be workable. There are some ideas that would be great, except for the “if only” factor. “If only I could get this component cheaper.” “If only this part of the process didn’t require 20 hours.” “If only people would be willing to pay 50 percent more.” Good ideas are ones for which the numbers all work together.
- It must be something you can be passionate about. Real success in business flows from your passion. If you can’t get excited about an idea, your customers and employees won’t be excited about it either. Passion for your product or service starts with you and works its way outward. When you’re passionate about your idea, you’ll put in the blood, sweat, and tears you need to make it successful.
Finally, you need to remember that having a good idea isn’t enough. Plenty of people have ventured out on their own with a great idea, only to see their business fail. Success requires that you work hard and persevere in order to unlock the true potential that can come from that good idea.