Business idea components

Business idea components

Market opportunity

  • What industry and technology trends exist?  How are people communicating, being entertained, and performing their everyday tasks more efficiently than in the past?  What additional innovations does this lend itself towards?
  • What types of companies have been most successful?  What common trends of how they solve their customers’ problems can be leveraged in other industries?
  • Where are there potential customers for a product or service category that are not being adequately addressed?  How might the product or service be made more convenient, cheaper, or catered to one specific feature that better addresses those customer needs?

Skills

  • In what areas are you an expert?  What fields could benefit from this expertise?
  • What aspects of business development is your personality most geared towards?  What industries value personalities that match your own?
  • Have people complimented your ability to do certain types of tasks?  What types of problems do these tasks lend themselves towards being able to solve

 

Passion

  • What are your hobbies and interests?  What issues do you face within these areas that could be solved more efficiently than they are today?

  • What do you like to do in your free time?  What aspects of those free time activities do you enjoy most?  Is there a better way to get those aspects that you enjoy most?

  • What frustrations do you face that you would be enthusiastic to solve?  Are there enough other people that face this frustration to make it worth solving?

How to Come Up With A Foolproof Business Idea