Indications of a GOOD Business Idea

Ideas are fickle little things with around sixty to eighty thousand thoughts
a day at a rate of three thousand three hundred thoughts an hour.

Let’s think about that for a minute! You are bound to have had a good idea
somewhere in your life. Making a sandwich when you’re hungry is a good idea or
going to the doctor when you’ve mangled your finger with the bread knife after
cutting the bread of the aforementioned sandwich.

The trick is identifying a good idea when it comes to you owning a business
that provides some sort of product or service that will have a meaningful impact on
the world as well as making you as wealthy as possible.

Keep in mind that good business is not driven by the pursuit of money.

That being said, receiving good money is the best indicator of a
healthy and well balanced business.

Let’s get into a few indications of what a good idea consists of:

01

A good idea solves a problem –

In order to have ideas that solve a problem one must apply the
teachings of what we call “Design Thinking”.

It is a tried and tested method that has been applied and perfected over decades of
innovation and therefore, a trustworthy algorithm worthy of giving a shot.

The five steps of design thinking are as follows :

01

Empathise –

Doing research into the lives of a specific target audience to see what they deal with on a day to day basis. You can set the variables and apply this to any field of your choice.

02

Define –

Identify the problem or struggle within your field of research, day in the life of your target audience, specific field etc. Describe the issue to its full extent and make sure that you understand what the underlying challenges are as well as what butterfly effects it has in the form of some sort of chain reaction. If only ol Ashton Kutcher knew about the design thinking process sooner that movie would’ve been way less intense…

03

Ideate –

Well, come up with a few ideas as to how to deal with these challenges that you have fully uncovered. If the issue is constipation, try prune juice. If the challenge is to open up to your therapist, try asking them to animate a puppet on their hand and then try talking to the puppet.

04

Prototype –

Start developing executable solutions to carry out your ideas to see if it is a viably long-term solution. Buy the puppet of your choice, take it to the therapist. Go to the store and buy the prune juice. Take a day off work, check to see if your water closet is in functioning order.

05

Test –

Here is where you test your prototypes. It is your attempt to do something meaningful. You will fail a lot in this stage at first, but all you need is one prototype to work and all the others to be experiments you learn from Has the puppet grown on you? Do you see yourself opening up to it? Have you opened up to it before? Did the prune juice work? If not, repeat the ideation process and test all of those ideas.

02

Are people willing to pay to have this problem solved?

It’s one thing to have the idea to replace faulty heart valves with synthetic or pig valves, but it’s another thing to sell canned BBQ wings to Vegans.

03

Your idea should be rather unique.

Some say that it would go without saying, yet here we are saying it.

We’ve seen far to many variations of cellophane smartphone covers or zebras on
canvas print. If your good idea is to sell anything on an eCommerce then that’s
your gig, but to offer something “special” and new is ideal.

04

Is it able to scale bigger?

Are you in your garage welding knobs to metal bits all by yourself or do
you think you can take this idea and scale it to meet a higher demand should
it come your way?

You don’t want to be the guy that welds knobs to bits of metal well
into the night every night of your life all on your own.

Make sure that your idea is something you can share, collaborate on a
nd expand in terms of production or train in terms of service.

A hotel can’t host hundreds of people if it only has one room and
one concierge doing it all.

05

 Does the demand exist?

Being passionate about dehydrating butterflies and grinding them up into fairy dust
is great, but is it something more that the five freaks next door will want to buy?

Do you see children begging their parents for mangled moth carcases?
Start asking yourself good questions to figure out if it’s a good idea.

06

Is it different from the ways people are currently dealing with the problem?

It’s nice to have an alarm attached to your phone concealed away in the cover,
but when it’s lost people usually just make a call to the phone in order to find it.

It was a clever solution, but not a good idea.
The old solution was free so why would you buy a phone alarm case?
NEXT!

07

Be passionate about it!

If you solve the problem, have a good idea in all other forms, but find the
problem it solves so mundane and irrelevant to you, you can bet your bottom
dollar that you will not continue to innovate and improve on this idea because
you lack passion for it.

Sometimes, a good idea should be sold or shared to others
who are passionate about the problem it solves.

Applying all these criteria points to your idea and you find that it has
a solid pass, you can rest assured that you in fact have a good idea!

We will be on the edge of our seats, ready to take your good idea further into the
realm of development with all the bells and whistles we can add on your behalf.

We look forward to hearing it!

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