How Do I Know If I Have a Great Business Idea?

So you’ve got an idea for a business already worked out, but is it a good, viable one? The answer might seem complicated, but there are a few markers that will tip you off, according to Neil Petch, chairman of Virtugroup, a holding company that supports startups from their early days to market entry.

1. It solves a problem

Solving a problem means delivering a solution that makes a sizable number of people’s lives easier. The problem doesn’t have to be one that nobody else is tackling; it can just as easily be a problem no one has dealt with effectively.

2. It’s scalable

Scalability is the potential of your business opportunity to grow and be applied to an ever-increasing market. Think about whether you can expand on your idea, make it flexible and resilient, monetize it throughout and remodel it if necessary.

3. Your doubts are few and quickly disappear

4. People want your product and service

Other people need to be as excited about your idea as you are. Start testing the idea and talking about it with friends, family members, and (as soon as possible) potential customers. Are they enthusiastic? Do they love it? Validating your idea outside your own headspace is key.

Together, these four markers of success can help point you in the right direction. If you can answer all of them, great! If not, take heart and take some time to rework your concept. Not being able to say “yes” to all four doesn’t mean you should scrap the idea — it just means you have an opportunity to reframe how you approach it and present it to the world.










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