Business Idea – What is it?

Business idea — an idea that can be used to build a new company or new activity in the existing company.

Typically, the business idea is aimed at to create goods or services that can be sold for money, thanks to the formulated business idea a new business model.

There are several methods to generate and test business ideas. Ability to transform business ideas into viable business should be supported by a feasible business plan that can be sold for a certain amount of interested investors or companies to actually implement the ideas. A business idea can be sold by the method of Contracting for the implementation of the business idea to the Manager, or used other methods of compensation.

The business idea submitted at the right time, when it is expected the growth of demand referred to in the business idea products or services, may result in creating a highly profitable business. Amid intensifying in many industries, competition began to appear on business ideas that aim to create goods or services for which there is currently no demand at all. Such innovative business ideas aimed at demand creation, the method offers the market absolutely new products or services.

Business ideas and sources of their origin are many, but the quality and timeliness of their implementation will determine failure or success.As a rule, successful business ideas are generated either by an expert in the industry of the business idea or the newcomers who came from other industries and not burdened with cliches and traditions of the industry of the business idea.

To generate business ideas can be useful for structural analysis of existing industries, markets, business models, business processes. Usually written analytical papers, conduct SWOT-analysis, variants of PEST analysis, five forces Analysis of porter.

Often used the technique of brainstorming.