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A good idea is only a good business idea if you are able to make enough money from it for you to live independently.
Once you have gotten an idea in most cases it needs adjusting and further development before it turns into a commercial concept. If the idea is not convertible into a commercial concept then is it not advisable to start business based on the idea.
Below are two topics to help you develop your idea.
Mission statement
When starting business there is a tendency of basing it on specific knowledge or the product developed.
If you are a waiter you may want to open a bar and serve cold beer at fair prices and if you are educated within IT and software you may want to establish a company specialising in relational databases.
By basing your business on a specific product or service you make it vulnerable inasmuch as its foundation crumbles away if the market lose interest in its service or product.
What to do is looking behind the apparent features of the product and try to determine which human, business or society related challenges the product meets.
Elevator pitch
The mission statement must be right, but you also need to know exactly what you sell.
If you are asked: “so, what are you doing?” it is often quite hard to come up with a swift accounting for what your company actually sells. Many have a tendency of maundering, deepening or understating leaving the questioner with a diffuse impression of what has been said.
Try therefore to prepare and perfect a sales talk brief enough to be told to a potential customer in an elevator.
A waiter and an IT expert could work out the below elevator pitches:
The waiter
I own the city’s most entertaining Sports Café with a capacity of 150 people. It is fully equipped with state-of-the-art technology providing full insight into all aspects of the world of sports from separate monitors at each of the 40 tables.
We have specially trained staff to serve our menus and drinks at fair prices. Here is my business card, it is a one-drink-free voucher for you and a friend.
The IT expert
We provide a service for companies enabling their existing financial management software to handle electronic invoicing, stock controlling and payments transferring. This is a requirement large companies will shortly ask their suppliers to meet
Furthermore, e-commerce is cutting administrative costs. Those joining now will be ready to face the future.
Thomsen
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