Introduction to Business Ideas



A business idea is a concept that can be used for financial gain that is usually centered on a product or service that can be offered for money. An idea is the base of the pyramid when it comes to the business as a whole.

A business idea is often linked to its creator who needs to identify the business' value proposition in order to launch to market and establish competitive advantage.

The characteristics of a promising business idea are:

Innovative

Unique

Problem solving

Profitable

MEANING OF INNOVATION 

For businesses, this could mean: creating new ideas, new product development through research and development, or improving existing services. Innovation can be the central focus of a business and this can help them to grow and become a market leader if they execute their ideas properly. Businesses that are focused on innovation are usually more efficient, cost-effective, and productive. Successful innovation should be built into the business strategy, where you can create a culture of innovation and drive forward creative problem-solving.

UNIQUES SELLING PROPORTION

A unique selling point (USP) is the factor that makes a company or a product stand out from its competitors, whether it is through; pricing, quality, customer service or innovation.[8]

Each successful company has a unique selling proposition (USP). A USP can be created through the element of being first to a market.

PROBLEM SOLVING 

Business ideas that solve problems are fundamental to developing the world and companies such as Cure-mark are one of many who do this. Cure-mark is a biotech company founded by Joan Fallon, who noticed that a lot of the children she treated were low on an enzyme for processing protein and since then she has quit her job and has built Cure-mark to solve this problem. Cure-mark has now raised $50 million and is on its way to solving a problem that truly exists.

PROFITABILITY 

Profitability is a business's ability to generate earnings compared to its costs over a certain period of time. This is possibly the most important aspect of any business idea in the long term, as this is what makes a business survive in order to keep having the impact that it has. Profitable ideas need a strong revenue stream against its costs and this tends to create the success of the business, however, some companies defy this and make losses to begin with, yet are still exceptional business ideas that are worth billions.



Comments

Post a Comment

Popular posts from this blog

7. Pickle Manufacturing Process

Image
Generally, there two different types of pickle manufacturing process available. One is water-based and another is oil-based. Carefully craft your own pickle recipe. And you must add some innovation here. You must create the delicious tasty recipe that basically your customers like and also new people for your business. Each pickle takes its own time to saturate. Although this may surprise you, non-veg pickles are in fact very prevalent in south India — in households where meat is consumed, a meal without them is considered incomplete. If you want to initiate a business with a small capital investment, then this business is perfect for you. First, you shall decide on what to pickle, vegetables or any other like meat etc. Though, to get commercial success in this business you must promote your pickle making business. At last, a well-established distribution channel is a basic requirement for pickle making business. In addition, you must have some sales promotion strategy to get your busi...
Read more

8. Pickle Marketing Strategy

Image
Pickle marketing strategy is as important as Pickle Manufacturing Business Plan, Now the strategy comes in selling your product in profitable and earning a well. Selling your products to restaurants, hotels by projecting the cost-saving to them like time-saving in procurement, reduction in man hours, buying in small quantity (weekly basis), Pickle Varieties. Setting up a store Exclusively for Pickle shop. Develop your own website with payment gateway, so that you can sell through it. At commercial based export your product.district to the district, state to state, country to country etc. How To Sell Pickle In Local Market Local market refers to an arrangement whereby buyers and sellers come in close contact with each other directly or indirectly to sell and buy goods. Further, it follows that for the existence of a market, buyers and sellers need not personally meet each other at a particular place. Contact nearby retail marketer deal with them (grocery shops, etc). How to Sell Pickle ...
Read more