What is a Business Idea? – Business Development Series – 1

Posted by Erdem OZKAN on 22 September, 2008

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This item was filled under [ Branding, General, People ]

As I’m working as a Strategy and Business Development Consultant, i want to share the basics of business development to help you develop your own businesses, with you. I’ll post some ”Business Development Series” topics which are about innovation and entrepreneurship. The first topic is ‘What’a a business idea and what is not’. An idea is a form (such as a thought) formed by consciousness (including mind) through the process of ideation. (Wikipedia)

A business idea is a concept which can be used for commercial purposes.

A business idea is about a commodity or a service that can be sold for money. Initially, each ideas has no commercial value. First, you must check feasibility and innovativity of your business idea to get more information about your idea’s chance in the marketplace.

A promising business idea must satisfy these tests:
1-Does it fullfill a customer need or solve a problem?
2-Is it innovative and unique?
3-Does it have a market or create a new market?
4-Is it profitable in long term?

The Internet business ideas don’t differ from other business ideas. Before developing an Internet business idea, you should ask yourself the same questions above. So before you start your Internet business, check your idea worth a try turning into a business.

One of the best resources for “Business Idea” topic is Søren Hougaard’s “The Business Idea: The Early Stages of Entrepreneurship” book which you can preview by clicking-on the button below.

Next in series “What is a Business Plan? – Business Development Series – 2” …