We might have many best business ideas but to make it succeed is a real challenge.Many business start up fails within 1000 days.But there a some strong guideline from experts to lay a very strong business foundation with you business ideas.
The best business ideas are those that solve a problem in some way.If there is a problem that affects you, your friends, family, co-workers, etc., then the chances are high that it affects people you don’t know as well.Indeed,it’s paying customers who validate an idea and determine which ones have the greatest chance for success.Once you have determined that you are solving a legitimate problem in a scalable way, you need to determine not only the value that it delivers to the world, but what people would pay for that value.Once you determine the price, then you can assess if your solution is business worthy or not.
As excited as you may be about a new business idea, it’s important to stay grounded and be realistic about it.Since starting a business requires an inordinate amount of time, energy and patience, ideally, the idea will be one that you are passionate about, as well as one that you have skills or experience in.
Your business may solve a complicated problem, but you should be able to explain it in simple terms so that anyone can understand it.Perhaps your business is solving a complicated problem, but early on, come up with a way to explain it that makes sense to the masses.
You won’t know if your business is viable until you test it on strangers.Test it — not just with friends who will be too polite to tell the truth, but with honest people who would make up your ideal target audience, and then listen to the feedback.If your target sample is saying your idea is fantastic and asking where can they get it, you know that you’re onto something, but if they are less than enthusiastic, it’s probably not as good an idea as you thought.
A niche market is the subset of the market on which a specific product is focused. The market niche defines as the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact. It is also a small market segment.One thing is very much sure that without a large enough market, your business idea may never get off the ground. But it’d always great that your business should cater to a strong niche market. Make sure the market is large enough and that you can serve those customers better than the alternative. Large companies won’t focus on niche markets, so there is room to compete and exceed customer expectations.
If you have a solid go-to market strategy and an any decent product or service, you’ll probably be successful.But if you have a great product without any idea how to reach your potential customers, then it’s going to be really tough to make it successful. Thinking through that as early as possible is really key.
Just because you have a vision and decide to build it does not mean the rest will follow.Just because you have a vision and decide to build it does not mean the rest will follow.
And always keep in mind ,success happens when you are willing to listen and consider others.Otherwise,success is to flow like a water through a road of rocks.
Ref : http://www.businessnewsdaily.com/3969-finding-great-business-idea.html