Generating and Protecting Business Ideas Notes

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What Makes a Good Business Idea?

  • Whether you have the expertise to provide the service efficiently - You should ask yourself questions such as; Do you have the necessary funds in place? Do you know how to make it a success? Can you afford start up costs? If the answer is yes to all of them, then you are probably going to have a fairly successful business in the opening months.
  • Is there the demand for the product? Different locations vary for demand. If you build a 8 bedroom house that costs £2million then students aren't going to ask to buy the house, therefore demand goes down. Another factor is price. You could have a brilliant idea but if you place a price on it that is far too much demand will also go down. You will also need to anticipate the market and see whether or not that type of product is in demand.
  • Finally, would you benefit from the product?


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