How to Describe a Successful Business Idea

Picture of tools and plans for describing a successful business idea

Introduction

A business idea is one that can be commercialized to solve a problem. Your business plan will be based on this idea. The Executive Summary of your Business Plan describes this idea more fully. Describing the idea It is more involved than defining a pitch.

A business idea is judged on the following criteria:

  • Identify target market and its potential size
  • Knowledge of target business and industry
  • Understanding of pain or problem faced by target audience
  • Meaningful research that estimates target market size
  • Value of solution to target market
  • How your solution relieves pain or solves a problem
  • Why your solution is realistic and feasible
  • Why your idea is compelling to target audience — they will want to take action now
  • Timing: Is the timing right for today's market?
  • Your background is appropriate to the target market(s)
  • The language that you use to describe your idea must be easily understood by your audience.
  • Is your background appropriate to the target market(s)?
  • Does your audience understand your language easily? For instance, are you using appropriate buzzwords in the right way?


 

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