Business ideas are the starting point of every business. On your validated business ideas will be based the success of your small business in the future. If we want to describe the meaning of the business ideas we will simply say that business idea is the solution to the problem that exists on the market.
Because of that as the most important things that all business ideas must have are the following:
- Small chance that the problem will be solved.
Problem as the First Element of Your Business Ideas
The first thing that your business idea needs to include in itself is the problem that their implementation will solve. Who will buy something from you if he doesn’t have a problem that will be solved by buying your product or service? In Wikipedia, the problem is defined as:
A problem is an issue or obstacle which makes it difficult to achieve a desired goal, objective, or purpose. It refers to a situation, condition, or issue that is yet unresolved. In a broad sense, a problem exists when an individual becomes aware of a significant difference between what actually is and what is desired.
People always desire something new or better. Between a desire and a current situation, there is a problem. Every problem needs a solution and those solutions are your business ideas. How much bigger will be the difference between the current situation and desire, bigger will be the problem. With a bigger problem, you will produce a bigger desire for the solution.
Problems will always exist on the market. As Ichak Adizes says we always have problems, and we will not have problems only when we die. However, every problem doesn’t have the same weight. To find the real problem on the market, you must analyze the current situation asking and answering these questions:
- What is the type of problems that exists on the market?
- How many people have the same problem?
- What are the potential solutions to those problems?
- Can we offer the best solutions for those problems?
- Do those solutions solve the whole problem?
Desire as the Second Element of Your Business Ideas
Some problems are big problems and some are small. Some problems can be ignored and some don’t. As an entrepreneur, you need to think about problems for which exist a big desire to be solved on the market.
Why there is a need for a big desire? Because if your potential customers are starving for the solutions that your business will give them, there is a big probability for the success of the business with your unique business idea.
Desire is an emotional situation of the person that represents the level of wanting something. In your case the level of wanting to find the solution for the problem. How much more the person wants to find a solution to the problem, they will have a bigger desire. When they have a bigger desire they will also decide to buy that solution.
Desire as the element of a business idea is important also because of the price of the solution. If the desire is greater the solution will be more expensive and will bring more profit for your small business.
You will need to answer following questions to find if your business idea has a big desire:
- How much is big the problem that your business idea will solve?
- Are potential customers starving for a solution?
- How they are seeking possible solutions?
- What is the level of wanting to solve those problems?
Small Chance that the Problem will be Solved with Current Offers as the Third Element of Your Business Ideas
This is also important for the success of business ideas, and it is all about the competition in the market about that particular problem. If the market doesn’t have a big competition about the problem that your business idea solves, then chances for success with that business is bigger.
At the end, you must answer two questions:
- How many competitors sell the same or similar products or services on the market that you choose as a target market? If on the market exist too many competitors you will have a big battle with them.
- How you can take the position that will differentiate your business from competitions? Differentiation is one of the most important things for every business. This is how your business will look in the eyes of customers or potential customers. If you differentiate your business from the rest of the world, then your business idea will become a success.
You don’t need to invent something to start a business. If you are trying to find something exceptional unique maybe you will never find it. In such a way you will stay at the dreaming level for your business forever.
This post is an addition to our previous post about three levels of the uniqueness of business ideas:
- Which business?
- What will be a business subject, or what you will sell?
- How you will sell the products?