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Starting a Business - Is the Idea a Good Business

4 Entrepeneur hits hard with Is Your Great Idea A Real Business?:

The first question you should ask: Do you have a compelling value proposition? This point is forever worth repeating: Great ideas are only great business ideas if you can convince people to pay for your product or service at a price above what it costs you to deliver it. Just because you think the world needs new canine cologne doesn?t mean anyone else agrees?or if they do, that they would be willing to pay enough to cover your electric bill.

You don?t need a 90-page business plan to convey a value proposition. In fact, you should be able to communicate it in a few sentences. If you can?t figure out why your product is great, your customers probably can?t, either.

I notice it has been a while since I posted a business oriented article but for those wanting to start a business need to take a look at this.

Full post as published by Indiana Civil & Business Lawyer on May 06, 2008 (boomark / email).