Characteristics of a Good Business Idea

What is Business Idea?

The business idea has to be based on an opportunity of a market with little or no supply and growth potential. In addition, it is necessary to have technical knowledge of the market, sector and the specific business, as well as the economic needs to undertake the project. It has to be a realistic idea, technically feasible and from the economic point of view.

This last nuance is very important since there are numerous business opportunities that do not germinate because they are viable but not profitable.

Characteristics of a Good Business Idea

The Essence of a Good Business Idea

  • It has to possess a value that makes it special and distinct from others, unique and innovative.
  • It must respond to a consumer need.
  • It has to be profitable.
  • However, it should be made clear that not all ideas should be revolutionary or original, as these aspects are not necessarily synonymous with sure success.

A Good Business Idea Can Fail If…

Basic Features of a Good Business IdeaBusiness Idea

The Hard Work of Identifying Good Business Ideas and differentiating them from bad ones can be simplified if we analyze whether the project in question meets the series of requirements already mentioned in the previous paragraphs:


  • It has to be viable both in the short and long term.
  • It has an added value, that is, it offers something that does not have the competition.
  • Satisfy the needs of the consumer.
  • It values ​​the size of the market and competition.

Following these guidelines you will now be able to distinguish more easily which business ideas you should discard and what others you can consider to move the entrepreneurial path. From the choice you make, you can start thinking about developing a Business Plan for your company.



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