Successful entrepreneurs capitalise on the right ideas at the right time. However, working out if your idea has potential is easier said than done.
Assess the quality of your business ideas with this checklist.
Does it solve a problem?
Start-ups that provide a solution to market problems will succeed. Whether it be efficiency, customer service or the quality of a product, your idea should improve something in your industry.
Does it fill a gap in the market?
A brilliant idea will never be successful in practice if there is no demand for it. Find a demographic whose needs are not being met or are dissatisfied with available goods and services to carve out a niche, become a market leader and build a loyal customer base.
Can you adapt your idea?
Technological advancements mean that successful businesses are defined by their capacity to grow and change. Your idea should be flexible, so changes in market practice and consumer expectations do not derail your business plans.