There may be hundreds of entrepreneurial ideas springing in your mind but you need to filter them according to some considerations.
A convertible business idea must posses the following:
- Uniqueness of the idea: Your idea should cater for a social problem or a technical difficulty in a unique yet easy-to-do manner. There are hundreds of solutions for a problem so you should think “why should people turn to our solution” first.
- The implementation should be scalable: Often, it happens that the idea is particularly great for a few people in a small environment but you need to think whether it contains the potential to be applied on a big scale? For example, a cheap seed planter might be good for a small plot but prove inefficient when executed in a larger field.
- The business plan should generate income or create employment: You will pitch ideas on different levels for funding but the businessmen shall see the prospect of the idea turning in to a income generator for them, only then will they invest in your idea. If you design an app for booking marriage marquees, the investor will only be interested in the number of potential clients you can bring to him. Focus on that.