03.03.20

It takes more than a good idea to succeed.

Karl R. LaPan, President & CEO, The NIIC

While a good business idea is essential to your entrepreneurial journey, ideas are fragile. Fewer than 1 out of 3,000 raw ideas become successful. Navigating risks and uncertainties will be crucial to getting your idea off the ground. How do you know if your idea is just a good idea or if it is an excellent business opportunity? Ideas are a dime a dozen. Outstanding business opportunities are fewer and farther between. If you don’t have an idea that is rare, unique, special, and hard to imitate, keep working on it.

Assess your idea against the five criteria in this article. The more criteria you can say yes to, the more valuable your idea is. If you don’t have at least five out of the five that you can say yes to, go back to the drawing board. See if you can improve it to get five out of five. Check out the five signs that your idea is a great one here.

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