The Attributes of a Winning Business Idea - dummies

The Attributes of a Winning Business Idea

By Steven D. Peterson, Peter E. Jaret, Barbara Findlay Schenck

Part of Business Plans Kit For Dummies Cheat Sheet

Lots of businesses start with a great idea. Writing a business plan can help you refine that great idea and put it to its first test. Ask yourself these questions to evaluate your idea as you assemble your business plan:

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

  • Do you have the resources, connections, skills, and expertise 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?

Consider a line-up of positive answers a green light — first to start your business planning and then to launch your business.