The business idea is probably the most vital components of any business… no matter how great starting and running a business can be, a bad business idea or an inappropriate business idea is already a failure even before the business is launched. The business idea is as important as every other component of the business. Like I talked about in the previous post, the business idea is like the foundation of the business, it is what will determine whether the business will be successful or not. When a business starts with a bad business idea, no matter how hard it tries to do every other aspect right, it would most likely be in vain.
Imagine starting a business that you have absolute no concrete knowledge of, simply because every other person around is doing it and achieving success… or an inappropriate business idea where you start a barbecue and grill restaurant business that focuses only on barbecuing and grilling pork, ham, bacon, in a particular geographical location where the majority of people in that geographical location are forbidden to eat pork or any meat from pig due to their religious or cultural beliefs… this kind of match up just would not work no matter how hard the business tries to brand or market itself as the only and best pork barbecue and grill restaurant in that geographical location. Because the majority of the people in that geographical location don’t eat meat from pig due to their religious and cultural beliefs, making enough sales would be a big problem… As you can already tell, that business is already set up for failure simply because it would be extremely difficult to make enough sales to run and sustain the business.
Before starting a business, it is vital to have a solid and sound business idea that has the potential to achieve success… yes, even though it is not a guarantee that every business with a great business idea would be a success, also even great business ideas still fail like we have seen so many times in the past due to many factors… however, it is vital that the business starts with a solid and sound business idea with success potential. That way, when every other elements are put together, there is a higher probability for the business to achieve success. When a business starts with a great business idea, it opens up a lot of possibilities for the business which can speed up the success of the business. A great business idea whether it is through products or services, aims to solve a problem, providing solution to a pressing need. All the most successful businesses are all solving a problem in one way or the other, either directly or indirectly. When there is a hungry market waiting, and a business is based around providing solution to that hungry market, that business is already geared up for success.