The question is: can that idea be developed into a business idea? What does that mean? Let's take a look.
What is an idea?
An idea is our imagination’s way of responding to a gap or an opportunity. It's the mind saying "hey, that could be done better." Some people get more ideas than others and it's all about seeing the world around you a little differently. Having an open approach is key. Ideas are fantastic and they one of the most valued assets within any company or organization.
What is a business?
A business is an entity involved in the provision of goods and/or services to consumers. Looking at that sentence closely: there's a good and/or a service and a customer involved in a business. A profitable business would have one more dimension, that the goods and services being sold are generating more money than the cost of making and selling the goods and services.
What's a business idea?
From the two explanations above and by mashing together 'idea' and 'business', it becomes clear that a business idea has a lot more dimensions than just an idea or moment of wisdom. A business idea needs to have a customer benefit, a market and a revenue mechanism. Having a business idea means building a business around the idea.
Got you thinking?
Every business needs to start with ideas. Ideas are great but they are just not enough to be made into a business. When the next moment of imagination pops up, think about the customer benefit, the market it may serve and how it could make money. By using this process, it will become so much easier to filter out the great business ideas from normal ideas.
At Mashup participants will be stepped through the process of creating a business idea and validating that idea with customers. If you want to learn how to get those ideas converted into business ideas, your can sign up now!
If not sure yet, come meet the team on 12th March at Mini-Mashup workshops (held a Baycourt) and get a head-start before taking the plunge for the weekend event (and get one step closer to winning the cash prizes :-)
Thanks for reading,
Dara @ Venture Centre