Good ideas are a dime a dozen, but great ideas? They’re gold.
If you’re an entrepreneur thinking about starting a small business, you’re in good company. Madeinca.ca claim that nearly 98% of business in Canada are small businesses.
However, according to Made in CA, who focus on small business in Canada, “About 50% of small businesses survive for five years and a third get to celebrate 10 years in business.”
That underscores the effort and focus needed to be successful and begs the question, “What makes a small business successful?”
Here’s a quick litmus test for your business idea:
- Demand: Does your idea address a real need or problem? Are people willing to pay for it?
- Uniqueness: What makes your idea different from existing solutions? Can it be easily replicated?
- Market research: Have you conducted research to understand your target audience and competition?
- Feasibility: Is it technically and financially possible to execute? Do you have the resources and skills needed?
- Feedback: Have you shared your idea with potential customers or mentors? What’s their reaction?
Combine those, and you’ve got a solid basis to determine if your idea is not just good, but great.
What’s your idea?
Writing for you. 