A business idea is a unique concept that revolves around creating a product or service , offered to a particular market segment for money ,for the purpose of achieving profitability or financial returns.
Generally, developing a business idea is the first step towards creation & propagation of a profitable venture provided that the idea should be compelling enough to attract potential buyers. Plus, it should be novel & innovative.
Being the lifeline behind a start-up or an already established business & entrepreneurs, formulating a business idea is most important for both entrepreneurs & the life of business as well .
Idea generation carries utmost importance only in the early stages of a startup venture but it after effects are felt across all the stages of business development, making it as the center point for all entrepreneurial actions.
The essentials of a great business idea:
• define your product
• define your competitors
• define your market
• define resources of your business
Along with the above elements that define a successful business idea, a perfect business model is also required with proper execution & performing test trials on desired customer niche.