Attributes of a Winning Business Idea

Before you can have an effective business plan, you must have a great business idea. An effective business plan can help turn a good business idea for a company into a great one. Ask yourself these questions to evaluate your idea:

• Is your business idea something you really want to spend time doing?

• Do you have the resources, connections, skills, and experience to turn your business idea into a success story?

• Can you explain your business idea in 25 words or less?

• Does your business idea address or solve a real customer need, problem, or desire?

• Will you offer something new or different than the competition?

• Does your business idea take advantage of a new opportunity? Is your business idea the right one at the right time?

• Will your business idea make money — and how fast?