In theory, there a number of things that factor into whether a business is successful. Everyone is searching for a good business ideas, but ideas can be perceived as good or bad. The more important and more significant factor for success is execution. This will make and break a business.
What factors make a good idea good versus a bad idea bad? What is it that can make and/or break a business idea? Good business ideas are comprised of three critical components: niche, value, and scale.
- Niche: Does your idea have a target market? Try to get as specific as possible.
- Value: Would the people in your market pay for this item or service? Would they pay how much you are charging them?
- Scale: How large is your market? Can it be magnified broadly after you’ve saturated your target market?