Google might be your first step if you are interested in entrepreneurship. You sure won’t be disappointed because Google’s results for great business ideas are many! Many give the impression it is easy to make it big with minimal effort. However, serious entrepreneurs know that those business ideas are just the tip of the iceberg. The business ideas made a couple of people rich, but it took more than holding on tight to a generic concept to strike gold. 

What is your unique spin?

Differentiation is the hallmark of a successful business. You cannot hope to achieve lasting and consistent growth without bringing something new to the table. How do you become that fresh breath of air that comes along every once in a while?

Whether you choose from one of those popular ideas or find one on your own, you have to give it your unique spin. Only then can you have a fighting chance at success. Do not copy.

Are you passionate about your business idea?

Every successful endeavor came from the enduring passions of someone. You have to breathe and live your business idea every minute to succeed. Embrace and make it your life’s purpose, willing to work at it daily. To understand better, to be better. 

Furthermore, you must be willing to invest time and resources in improving your idea. You know you are in the wrong business if you are unwilling to sacrifice comfort to bring it to life.

Do you have domain knowledge of your business idea?

Passion will do you no good if you are mediocre. You do not need to start exceptional, but you need to work daily on your art to become one. When you become one with your idea, it is easy to identify ways to do it differently and maybe better than others. 

Continuous learning and consistent practice on your craft will help you develop mastery. In turn, becoming a master at your craft will give you the confidence to explore new ways of doing things.

Are you enjoying yourself?

I do not enjoy cooking, but my dishes usually turn out well. So, owning a restaurant will not be a fulfilling experience for me. Ensure you get joy from something you are thinking of making into a business. Do not be fooled by the thrill of making money.

Please, do not turn a job into a business because you are good at it. Is it the job that gives you joy or the money you make doing it? Findings show that most people are in the wrong occupation because of family and society expectations. So, make sure you are not one of those. Ask yourself, “Will I be happy doing this for the rest of my life?” If the answer is yes, forge right ahead! If it is not, continue your search for a better fit.

Will your business idea solve a problem or fill a need? 

We encounter challenges as we go about our daily activities. There are things we wish could be less complicated or more pleasurable. Whatever the circumstances, all around us are opportunities waiting to be discovered by someone like you.  

Successful businesses eliminate pain or amplify pleasure. So, what experience can you make more enjoyable or less painful? Solving real-life concerns is a path to success.

Are enough people willing to pay you? 

Addressing an unmet need or problem is not enough if you do not have enough paying customers. Your business idea must attract enough critical mass of paying customers for it to be worth pursuing. How many people are likely to part with their money to enjoy your solution?

Creating a waitlist or landing page for would-be users to signup is one way to test the level of interest. Also, platforms like Kickstarter help measure the level of interest in your solution.

Is there enough market size and demand?

You need to focus on a market that keeps on giving. Is your niche narrow but broad enough to attract a consistent flow of new and returning customers? Is there an opportunity for future growth? Can you attract a significant subset of the general population who find your product or services valuable and appealing?

Can you find an opportunity gap in a competitive market?

At times, you might find yourself in a highly competitive market where demand is too high to ignore. So, you decide to play in that market. In that situation, you would need to find an uncontested area to control—a blue ocean in an otherwise red sea full of sharks. 

A good example is the online learning space, which is going through a significant boom. People want to learn new skills at their pace from the comfort of their homes. Course creators who focus on teaching skills that are not common get to charge a premium and hold their own in this competitive market. A good example is Domestika for creative learners only. The courses are affordable and of good quality and serve a large population of people interested in expanding their creative skills.

Is it the right business at the right time?

Occasionally, a great idea emerges that came too early for enough people to embrace. Yes, it might solve a problem for a large population, but it is merely attracting enough attention. Unfortunately, that is a case of the right solution at the wrong time. The usefulness of the idea is a moot point at that time. So, ensure your venture is not too ahead of its time to succeed just yet.

Ultimately, profitability should be the deciding factor in embracing a business idea. You know you have hit the mark when the price people will pay outweighs the cost of your efforts.