How to create a winning business idea?

In the more than 4 years I’ve had this Blog and the 15+ years I’ve been an entrepreneur, there is a question I’ve heard many times and have asked it repeatedly to myself. This question, is as the title says, how to create a winning business idea? When we create a business we want it to be successful, to change our current reality and to have a good financial income. And all this begins with a good business idea. This is a very natural question to ask, however there isn’t an easy answer.

In regards to the previous question, many times we ask if there is a magic formula or a golden rule to create a winning business idea. Unfortunately, there isn’t such a formula or rule. If someone comes up with a fail-proof formula, he will surely become a millionaire. For the time being, there are some good ideas we might want to follow, however they change from circumstance to circumstance and we have to apply our good knowledge.

I want to share the following list of good ideas I have followed and seen good results. However, this is not a perfect list, you have to analyze each point and understand how is it going to work for you. Try different routes and see how this ideas work out for your particular case.

1. Ideas occur all the time and if you have a good idea, odds are someone already had that idea. However, very few business ideas become a reality. Remember that we can’t make a living just with ideas, we have to take action.

2. The same way we have ideas all the time, just a few ideas make business sense. Some weird and crazy ideas might have great business potential, so don’t ignore them.

3. Search for business ideas in your everyday life. For instance, search for things like “I could do this better (cheaper, faster, etc.)” or “what a great idea if someone would do ________”. This can be great business ideas.

4. Remember that your business idea doesn’t have to be 100% original. You can see what others have done and be inspired by their actions. We’re not always looking to reinvent the wheel.

5. If you have a great idea, think how others will react to it. Will they use it, pay for it?

6. Leave all your fears behind and share with others your ideas, at least partially. Evaluate how they react when you tell them about your idea. There will always be people who will say you’re crazy and your ideas won’t work; however many of them will like it. If you find more people who like it, you’re on the right path.

7. The idea is the first step in a long road ahead. Do you think you will be able to make your idea a reality with your own means? If no, what do you require? For example if you require financial aid, will you be able to accomplish this by sharing your idea with investors?

8. Will the idea endure the pass of time? What happens if someone arrives with a similar idea, what will be your advantage points?

The previous 8 points are just for reference. Once again you have to apply your best knowledge and interpret this list in your own terms and situation.

If you have an additional idea or point, please share it with us at the end of this article.

Image taken from Flickr.com