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How Much Is Your Business Idea Worth? - Articles Surfing
The value of a business idea is closely related to the person that intends on exploiting the business potential of the concept. A great idea in the hands of a buffoon is worthless whilst a semi-good idea in the hands of a shrewd operator can be the start of a great enterprise.
When a newbie entrepreneur asks me what their new idea is worth I usually reply "nothing!" Most "new" business ideas can not be patented because chances are that somebody somewhere in the world is already doing something similar.
I was talking to a couple of sisters that have just recently qualified from university. The younger one asked me for advice on how to exploit their latest business idea. When the older sister found out that her younger sibling had revealed their "multi million dollar idea" to me she was very angry with her sister. I had to explain to her that her business idea was nothing special and that people are debating new ideas all the time on online business forums.
A "great idea" in itself is worthless unless the people behind the idea have some business experience or the know how to exploit it. Even then it is still worthless unless they can get financial backing to launch their new idea. Even then it is still worthless unless they get the right people involved in the business. Even then it is still worthless unless they can eventually persuade people to buy their product or service offering.
Get it? An idea in itself is useless until the right people get behind it, execute it and get potential customers excited so that they buy! In the end a paying customer is the only proof that an idea has any merit whatsoever.
So my advice to anybody starting out in business that has a "great idea" is to discuss it with people that have already successfully launched a new idea. Read books about how to launch a new concept. Start networking with like minded people preferably that have years of experience.
Talk to people that have sales and marketing experience and get their feedback on how to get close to your potential customers. Evaluate how you are going to deliver your product to the end user. Are you going to take the traditional route (distributor, wholesale and then retail) to market? Is there enough margin for all concerned? What payment terms are you going to give and how are you going to collect monies due?
Are you aiming to sell directly to the end user? If so how are they going to find out about your product? How much money have you allowed for marketing directly to them? Supplying directly to the end user might seem like a good idea but it needs a bigger marketing budget than the traditional route.
A business idea is only worth anything after you get a well oiled business machine behind it to exploit the full potential and persuade people to hand over their hard earned cash.
Copyright © 1995 - Photius Coutsoukis (All Rights Reserved).
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