Business ideas may be defined as product or service concepts with potential commercial value. They are the first foundation blocks on which all successful businesses are built. All commercially viable enterprises began as business ideas; none could exist without this first developmental milestone. Like any other thing, business ideas could either be good or bad, profitable or not. It may be quite easy to come up with these ideas; however, not every imagination can be translated into a real commercial value. Accordingly, many aspiring entrepreneurs often wonder what exactly is the value of the idea they hope to make money with.
Most business ideas exist in the abstract conceptualization. Hence, such ideas no matter how brilliant they may seem do not in and of themselves guarantee commercial success. The value or profitability of both big and small business ideas hinge largely on how they meet certain defining qualities. These include innovativeness, relevance, uniqueness, clarity of focus, fundability and sustainability.The key feature of profitable business ideas is their relevance to customer needs or problems. Both big and small ideas must offer benefits to the customer by solving a problem or fulfilling a need. Customers buy products and services for just one reason; to satisfy a need. So, if business ideas are such that they bear no compelling relevance to customer needs, they cannot hope to be profitable. Moreover, all successful large scale and small business ideas have an intrinsic innovative proposition and unique strategies and values that set them apart in a positive way from competing existing options. Importantly also, a commercially viable idea must have a market that is willing to accept it; promising business ideas offer a product or service that would be accepted by a large market. In addition, both large and small business ideas must have a sustainable mechanism for realizing profit. In other words, successful business ideas must show how much money can be earned from it and how the money will be earned.
As asserted above, a business idea does not inherently guarantee a profitable commercial outcome or reality. To determine an idea’s chances in the market and evaluate its innovative content and profitability, the aspiring entrepreneur needs to conduct an objective feasibility reality check, and accordingly refine and package the proposed ideas into promising commercially marketable ventures ready to launch. While multiple business ideas may strike one on a daily basis, only few of them will be profitable in the long run based on market research and feasibility study conducted. These few are the real business opportunities.In conclusion, I must hasten to also point out that conceiving or articulating a business idea is just the rudimentary start in the entrepreneurial journey. The idea stage is a pretty long way from a successful business outcome. In fact, it can be argued that the value of large or small business ideas is not essentially in the idea themselves, but in their realization. However, a great execution will not necessarily transform a stupid or ill-formed idea into a commercial success. Bad ideas that are force-driven to profitable businesses often prove to be sheer hoax, cheating people of their money and time. Therefore, the ultimate value of a business idea lies both in the intrinsic quality of the idea and its successful and profitable realization. The aspiring entrepreneur must bear these perspectives in mind in weighing the value of his/her business ideas.