How to make sure your ideas is valuable
There are several ways to help figuring out whether business ideas are valuable or not. We will make it simple for you and say that for a business idea to be valuable, it needs to satisfy the following three conditions:
- It should benefit others;
- Its subsequent business is brings profit;
- Its subsequent business lasts long.
The business idea should benefit others:
The benefit that your idea provides should be real and should not lure others. Resolving problems, adding to others comfort, protecting the planet etc., are several forms for adding value and bringing benefits to others, and they should, from business model perspective, be the heart of your value proposition.
One very important key to consider and verify is the perception of others about the benefits you’re bringing with your idea. You should know if it is a “must have”, a “need to have”, an “ok to have”, or “don’t need it” before going further with it.
Also worth mentioning, sometimes your presentation influences the insights you give to others about your idea, so be careful about the way you address your thoughts and make sure that everything you say has a strong basis.
If your basic thought process proves unsuccessful, then ask yourself and others: what they would need instead? Then change your reflection accordingly.
The subsequent business should bring a decent profit:
The business resulting from your entrepreneur idea should bring sufficient profit. This is the best way for your venture to sustain. This, however, may not be applicable to large businesses with a diversified portfolio where some business ideas will not be self-sustained, but will be developed to reinforce the overall strategy of the company. This is not your case yet, but with some perseverance, you might get there.
The subsequent business should last long:
What influences the most any business to be perennially present in the market is the continuous demand. You might say that this is beyond your control. That’s only partially true. With deep research, you would have the best insights of environmental trends and adapt to changes when they occur.
Let’s take an example of a lack of deep research.
In 1928, a movie called “La Femme Rêvée” was produced in France and launched to the public. The director, Jean Durand, didn’t leave anything to chance, his team was formed by amongst the best actors, choreographers, and dancers of that time. The décor was amazing, and he used two independent teams for filming the scenes backing up each other. Everything was set to be a hit, except the only guilt the movie had was being a silent movie in the early era of the talking pictures, “talkies”. Eventually, the movie had almost no attendance, and didn’t last long.
A deeper research would’ve revealed that one year earlier, “The Jazz Singer”, a sound based American movie, was launched to the public, so the trend was changing and people were not interested in silent movies anymore. But unfortunately for the producers and other stake holders, the homework wasn’t done properly.
In few words…
To summarize, in order for your business idea to go off the ground, it needs to add value to others, bring profit and last the longest possible. Valuable entrepreneur ideas and businesses change with the need, demand, and trend changes.
Good luck with your endeavor.