The How of Business Podcast – Ideation Episodes
These episodes of The How of Business podcast are on the topic of Ideation – the process of creating and developing new business ideas. How do you come up with new potential business ideas? How do you know if you have a good idea for a new small business? These questions and more are covered on these episodes of the podcast:
Ideation – Small Business Idea Creation & Development Ideation – Small Business Idea Creation & Development .How to develop ideas for a new small business, and to help you grow your small business. Henry Lopez & David Begin also discuss the role of creativity. Ideation is the process of creating ...
Ideation with Mike Stemple. Ideation, how to come up with and develop small business ideas with Mike Stemple, a serial entrepreneur, artist, and ideation coach and consultant. He shares his fascinating story of overcoming personal handicaps and challenges to become a highly successful serial entrepreneur, and his insights ...
Business Ideas with Entrepreneur Norman Crowley. How to develop new small business ideas with serial entrepreneur Norman Crowley. Norman also shares his inspiring entrepreneurial journey. How do we come up with great business ideas? Is the idea the easy part, and execution the harder part? How do you ...
Product Development with Henrik Johansson. How to conduct product development with Henrik Johansson, co-founder and CEO of Gembah, a product development platform and marketplace. Henrik Johansson is a serial entrepreneur who co-founded and built Boundless into a $100M product company. Currently he is the co-founder and CEO of Gembah, ...
How do I know if I have a good small business idea?
Determining if a business idea is viable and promising is a huge question for most aspiring entrepreneurs. While there are never any guarantees of success, here are key criteria to consider when evaluating a business idea:
- Market Demand: Assess if there is a genuine need or desire for the product or service your small business will offer. This involves understanding the target audience or avatar and identifying a problem or gap in the market that your business can solve or fill.
- Unique Value Proposition: Your business idea should offer something that is not already available in the market or improve significantly on existing offerings. This could be in terms of quality, price, technology, customer service, or innovation. Your Unique Value Proposition is a key component of your Elevator Pitch for you small business.
- Feasibility and Scalability: Consider whether the business can be practically and sustainably operated. This includes evaluating the cost of starting and running the business, the resources needed, and the potential for growth and expansion.
- Profitability Potential: Analyze the financial aspects, including pricing strategy, revenue models, and profit margins by completing the Financial Projections for your start-up. It’s important to have a clear understanding of how and when the business will become profitable.
- Competitive Analysis: Understand the competitive landscape. Identify your direct and indirect competitors and analyze their strengths and weaknesses. This will help in positioning your small business effectively.
- Market Trends and Sustainability: Consider the current trends and future sustainability of the market you are entering. A business that aligns with long-term trends and societal shifts is more likely to succeed.
- Regulatory Environment: Be aware of any legal and regulatory requirements for your business. This includes licenses, permits, and industry-specific regulations.
- Personal Passion and Expertise: Your commitment and enthusiasm for the business idea are vital. Having expertise or a willingness to learn in the business area can significantly impact its success. Before you consider starting any small business, it’s important to determine if you are ready, willing and able to start a small business.
- Customer Validation: Seek feedback from potential customers of your proposed small business. This can be done through surveys, focus groups, or a minimum viable product (MVP) to test the market response.
- Risk Assessment: Understand the risks involved with a small business, including market risks, financial risks, and operational risks. Assess your ability and willingness to manage these risks.
- Exit Strategy: Have a clear understanding of your long-term goals for the business, including an exit strategy for your small business. This could involve scaling up, selling the business, or passing it on to the next generation.
- Alignment with Personal Goals: Ensure that the business aligns with your personal, financial, and lifestyle goals. A business that conflicts with your personal values or life situation is less likely to succeed.
By thoroughly evaluating these criteria, aspiring small business owners can better determine the viability and potential success of their business ideas.