4 elements of a great business idea

Do you have a great business idea?

Everyone has a dream, a "big idea”, of one day waking up with a great plan, starting a business, and getting a surge of customers wanting to buy their product or service.

But most business creators have a different experience. They launch their business and… nothing much happens. The worst thing you can do to yourself is to bet everything you have on one bad idea.

Amazing success doesn't just happen overnight. In fact, it is the result of serious evaluation and effort. Your mom and your friends might tell you that they would be interested in buying your product or service once it is available, but how do you make sure there will be a demand beyond your personal network?

The first step in all of this is to validate your idea. Preferably, you should talk to your future customers directly. The tricky part is making sure that you are asking the right questions. And that's exactly what this post is all about.

4 Elements of a Great Business Idea:

Simple

Easy to understand, and to act on

Questions: do you understand what it is all about? Does it sound complicated to you?

Relevant

You need to make sure that it is relevant to your unique audience

Questions: Is it something you personally would use? Does it sound interesting to you?

Timely

Don't be too late launching onto the market – and don't be too early either

Questions: Does it sound familiar to you? Have you heard of products/services similar to mine? How many products/services can you name that are similar to mine? Is it something you would use today?

Useful

When potential customers are shown your product, they should be able to say why it is valuable to them. No explanation needed.

Questions: Why do you think this would be useful to you? Would you pay for a product like this?

However, if you prefer, you don't have to ask any questions at all. Instead, you can create digital mockups or physical samples to see how your future clients will likely interact with your product. Here is a video of a test for a running shoe model, to get you inspired!