Creating a Business on a Viable Idea

[Mika]

When you are starting a business, you have two options, one, work on the tested ideas or work on a novel idea. A tested idea means a business idea that a lot of people have used and have turned to be profitable over time. However, as a disadvantage, these ideas are also very competitive. Novel idea means something that is not tested and it is difficult to say whether it would be profitable or not. No matter what kind of idea you work on for your business, you need to understand a solid business plan is also a viable idea. Before starting, research whether the idea is commercially viable or not. You also need to assess your knowledge, skills, and resources required for the business. Once you confirm the feasibility of your business idea, make your business goals and create a path to achieving them.

 

[Jasmine]

When you are starting a business, you need to see if your idea will work on not. The idea you work on should be able to make you money. In other words, the products you want to sell should be selling in high quantities for you to make money. If you do not see money making potential with the things you want to sell, never work on the idea. It does not matter whether the idea is unique or a saturated idea, what actually matters is its saleable quality.