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Question

How do you determine if your small business idea is a good one?

 

Answer

Many successful small business owners simply had an idea they believed in and took that leap of faith and "just did it". But as someone aspiring to become an entrepreneur and not sure if your idea is a good one or not, there are some things you might want to ask yourself about your product or service:

  • Who will you sell your product to—essentially, who's your audience?
  • Who's your competition—is there another product similar and how will yours be different?
  • What problem or need are you solving?
  • How will your product/service help make someone's life easier or simpler?
  • How will you market the item?
  • How will you measure success?

These are a few things to consider as you think of your business idea.

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