How to Describe a Successful Business Idea
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.
A business idea is judged on the following criteria:
- 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)
- Use language that your audience understands easily