What’s a Good Business Idea? Here’s Everything You Should Know

Choosing a great business idea is the key to having a successful business. It is one of the most important decisions you will ever make because everything from investment to its execution depends on your business idea. Many people stumble upon creative and innovative product ideas while working on something or when they encounter any problem. Many times it happens that some of us read something over the internet and it sounds fun. The innovative ideas that we come across this way are great but we need to think over more factors than one before investing in it or planning its execution so as to avoid the future risk of wasting a lot of money and time.

There are a lot of parameters you need to consider in order to make your new business ideas stand out from the crowd. Below mentioned are three of the most important parameters against which you can evaluate the potential of your startup ideas:

  1. Does it have a unique offering?

The market is flooded with similar products. There are multiple options for the consumers across fields - be it E-commerce websites, streaming media, social media platforms, etc. To make its own identity in today’s cut-throat competition, your business idea needs to provide a unique offering to the consumers that acts a driving force for them. Your idea must tap on the consumer’s pain points, this will not only drive them to use your product but will also lead to its growth. If your idea does not have a unique offering, then start listening to the frustrations of the people around you. See how you can help them ease it with your solutions. Adapt it in your current model and voila! Your business idea will actually be ready to be executed.

  1. Is your business idea feasible?

Once you know what business idea you are going to propose to the consumers, the second question you need to ask yourself is if the business idea is feasible or not. This might take a lot of research and planning, but once you are thorough with it - you’ll know how to go about with the idea. Answer yourself some of the basic questions to find out the feasibility of your business idea:

  1. Does your business have paying customers?
  2. Ask your friends and family for their honest feedback.
  3. Is your marketing strategy effective and efficient?
  4. Calculate the startup costs.
  5. Evaluate the market share you can expect to take.
  6. The kind of margins you can expect from the market

If the answers turn out to be in favour, your business idea is feasible to be launched in the market. If not, then work more on your idea.

3. Will it have a social impact?

This parameter is completely subjective. But if your creative and innovative product idea is powerful enough to bring a change in the society, no external force can stop your startup idea from blooming. Bringing a revolutionary change in the lives of people is always welcomed by society with great zeal and enthusiasm.

It’s when you weigh your idea against these parameters, you know if your business idea is viable enough and is ready to be taken to the venture capitalists and startup founders. If you have a viable business idea, then IC Square is the perfect fit for you. Wondering what IC Square is? It’s The Inter College Innovation Challenge, a unique programme introduced by Rajan Nanda Innovation Lab for the college students across India. It’s an opportunity for all the youngsters out there to turn their innovative startup ideas into profitable businesses. In its first year, RNIL called for best innovative ideas in the fields of agri-tech, infra-tech and rail-tech. The top 10 business ideas will win the seed fund of Rs.10 lakhs each. So, if you want to dive into the pool of innovative ideas and want to participate, then do watch out for more information on IC Square’s official website.

 

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