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What makes an idea a good business idea?

This is the first follow up to our post “Student Start-Up Advice (via Twitter!)” , inspired by the fantastic advice our Twitter followers gave us when we ran a Twitter Q&A in September. There wasn’t enough room in the first post to cover all the answers in detail, so we’ve written a series of posts that summarise the key points.

Question 1: What makes an idea a good business idea?

The common thread to the responses were to have a viable idea, that did not have to be unique but had to be well executed. Passion for your business idea was considered to be absolutely essential. Oh, and it ought to be a team game!

  • Two essentials: a good financial proposition, that you’re passionate about. After that it’s hard work.
  • The product or service must solve a problem, and solve it in a way no one else can
  • you can’t have a great product without a market that wants it. It’s not an either/or choice
  • Passion is essential, but so is the ability to know when to ask for help
  • When enough research has been put into the idea to assure that it is a financially viable idea. It has to have a market place
  • even a great idea needs to find an audience!
  • I think passion for it is essential – you need it to sell to your customers, especially when SME and big brand alternatives
  • The team is vital – a good team can do well with a bad idea, but a bad team will ruin a good idea
  • Successful people didn’t get there themselves, someone helped them
  • Find yourself an honest mentor to run your business idea past
If you want to know more about how to come up with a great business idea, then check out our Regional Enterprise Days, being held in Aberdeen, Glasgow, Edinburgh, Dundee and Ayr on various dates in November 2011.

One response to “What makes an idea a good business idea?

  1. Maybe too much emphasis on research aimed at cherry-picking a winning idea? Sadly ideas themselves neither win nor lose, so I’d suggest we forget about prediction and just try stuff.