Is Your Business Idea Any Good?
Posted by admin in Business Ideas on July 2, 2011
As a small business consultant, I am often approached by people who have an idea for a business and want my thoughts on if it is a good idea or not. I find that I give those people the same advice almost regardless of what their idea is or who they are. In a nutshell I tell them “I’m sure your idea is fine. The questions you should be asking yourself is how will you make your business successful and are you the person to do it?”
So, let’s break down that bit of advice into its component parts. There are three: Your idea, your strategy, and you.
Your Idea
In a world seemingly busting at the seams with both good and bad ideas, how does yours rate? Many first time entrepreneurs feel that finding the right idea is similar to a quest for the Holy Grail. It is not. My favorite example of this comes from the movie “Office Space” where the idea of the Pet Rock is discussed, “Sure it was [a good idea]. The guy made a million dollars.” Funny, perhaps, but probably not far from the truth. Gary Dahl, the inventor of Pet Rocks, did make money selling Pet Rocks and even sold the rights to Pet Rocks as recently as 2009. Arguably an awful idea, Pet Rocks actually had a lot of quirky charm as the marketing around them was filled with puns and play on words. And, it was this, not the sale of rocks at incredible markups, which netted Dahl his profits. Read the rest of this entry »
Internet Business Ideas – The Secret Formula to Profits
Posted by admin in Business Ideas, Business Tips, Online Business on July 2, 2011
Starting a business online could be the most important decision you as an entrepreneur.
Dell computers, Microsoft, Google are all testaments to the power of having a profitable idea that leads to the birth of multibillion-dollar internet businesses. The good news for start up entrepreneurs is there is still abundant opportunity to start your own business based on sound ideas.
While your idea of starting the next multimillion-dollar business may be appealing, it does not translate to making a home run. You need to do more than coming up with ideas. You need to acquire the skills to come up with winning ideas. You want to acquire this skill because a winning idea will end your money worries, give you freedom, and make you wealthy.
The flip side is… Your idea may end up being a money pit, which could wind your business to bankruptcy. The good news is the internet gives you, the opportunity to test your ideas, easily quickly and cheaply, so you can fail quickly, with minimal cost. And if you have a winner you can roll out your ideas to create a profitable business. Read the rest of this entry »