Importance Of Business Idea

A business idea is a concept that can be utilized to profit. Generally it focuses on a product or service that can be offered for money. An idea is the first milestone in the process of founding a business. Every successful business started as someone’s idea.

Although a business idea has the potential to make money, it has no commercial value initially. In fact, most business ideas exist in conceptual structure; usually in the mind of its creator or investor and not all business ideas, no matter how brilliant they may seem, would end up being profitable. To find out about an idea’s chances in the market and check its innovative content and feasibility, a person need to conduct a believability check. A promising business idea must have the

Being innovative means using conventional production or distribution methods that have rarely been adopted before. In fact, the entire business system could be innovated. For example, FedEx revolutionized mail post services through 24-hour operation and very quick delivery worldwide. The company therefore adopted an innovative system, which eventually spurred it to becoming one of the world’s leading mail and parcel delivery services. Then again, considerably more essential is the advantage that a business idea guarantees to offer customers. Such benefits could be passed on to customers in the form of reduced costs. In this way, any business idea that, in any event, concentrates on bringing down expenses would no doubt be productive in the long

However it is a completely diverse ball game to transform an idea into a business opportunity. So, a major difference between an idea and an opportunity is that a person sell a business opportunity, yet can't sell a idea. For example, Colonel Sanders - Kentucky Fried Chicken Story after many years of serving his secret fried chicken recipe in his local restaurant, Colonel Harland Sanders found his chicken recipe idea as a business opportunity. Sanders began his entrepreneurial career running a service station in Kentucky while serving his special chicken in a dining area within. Next Sanders purchased a bigger place close-by to oblige the continually expanding customers. He increased the number of dishes and included the legendary fried chicken recipe for the first time in 1936. By the year 1937 he again expanded the hotel which now accommodated up to 150 people at the same time. He was happy that he had become successful at his new business but was always looking for improving his production process and expands his customer