Business idea

A business idea arises from a need or an insight. It must stand out from competitors and respond to customer needs.

A business idea can come about in many different ways. People often start from their own competence, hobbies or needs observed in working life. The idea can also be found by monitoring trends, exploring market shortcomings or utilising existing concepts. Sometimes a business starts with the continuation or acquisition of an existing company. The most important thing is that the business idea is suitable for your own situation and competence – and that it is possible to build a profitable business around it.

The business idea forms the core of a business. It describes what you offer, to whom and in what way. A good business idea meets the customer’s needs and is feasible with existing resources. It helps target marketing and makes it clear how you stand out from competitors. The business idea should be tested, developed and clarified before moving on to the next stages.