Right now in the United States, 13% of Americans are either starting or running their own companies. Unfortunately, most start-ups fail within the first year. So what sets the successful ideas apart from those who fail?
While the differences may not always be clear cut, good ideas tend to share some characteristics. Here are eight qualities that set great business ideas apart from the just “okay” ones.
Impactful. A big idea makes an impact not only on your life, but also on the landscape of the marketplace overall. Will your business be a game-changer?
Simplicity. If your idea causes confusion when you start to explain it to other people, you may need to whittle away some of the aspects that aren’t essential. An idea that is too complicated will make it nearly impossible to attract customers.
Obvious, yet original. People will stop listening to an idea that seems played out. Your business should be unique and original, or at least an interesting adaptation of a startup that already exists.
Memorable. A great idea is not fleeting. If its easy to for people to remember, then it’s easier to carve out market-share.
Sellable. When you talk about your potential startup idea, it shouldn’t be a hard sell. People should already be interested in how your business can solve their problems. Even the most complex ideas should be an easy sell, especially if it’s a great one.
Non-Conventional. Many successful businesses were initially labeled as “non-conventional”. However, many of these “non-conventional” ideas and startups were able to disrupt the market.
Receptive Audience. This can come down to location and demographics, but your audience should already be engrossed in your idea. If your potential customers are already at odds with your business, advertising will be an uphill battle.
Exclusivity. It’s easy to open a business where you offer editorial services, but if your competitive advantage is something that is easy to replicate then your success will be short-lived. Your idea needs to be backed by something that only you can offer, and something only your ideal customer will understand.