Chances are, you’ve come up with a business idea at some point in your life, whether you realize it or not. Some people come up with a possible idea for a solution to a common problem and dismiss it, never to address the subject seriously again. Others generate an idea for a business and fixate on it, trying to take action but never getting off the ground.
Ideas come in many shapes and sizes, and while most bad ideas are recognizable as bad ideas immediately, not all “good” ideas are created equal. A “good” idea, in theory, is one that solves a problem adeptly, with no major drawbacks. But not every good idea can sustain a good business.
For example, your idea, while good, might not be cost effective, therefore preventing you from generating a worthwhile profit. If you have a good idea, but you aren’t sure whether the idea is sustainable as the foundation for a real business, ask yourself these questions:
