Here are some “ingredients” required to develop a winning Business Idea …

Introduction

Who among us, surfing the Internet, has never come across a myriad of posts that, in the face of a subscription to the newsletter on duty, are willing to offer you the “magic and secret formula” to create a successful business?

Unfortunately nowadays, starting from scratch, it is increasingly difficult to be able to offer an innovative product-service as with the globalization of markets and the rapid spread of digital e-commerce platforms on the web, competition has expanded enormously and many operators use only the “price” to compete …

This article does not pretend to show you the “miraculous recipe” for the success of your new business, but it can be useful to clarify the important aspects to be analyzed in the development of a “Business Idea”.

The “ingredients” of success in the Development of the Business Idea

When creating a Startup you must always keep the following aspects in mind:

1.Business Idea: it must be “original” or satisfy the needs of potential customers in a “different” way
2. Business Model: it must be “flexible”, that is, allow the project to have alternative development solutions
3. Sources of financing: integrate the “own capital” invested with possible “external sources of financing”
4. Development Team: it is necessary to clearly identify the “subjects (internal / external)” who work for the Startup
5. Timing: that is, identifying the “right moment” to bring your Business Idea to the market

This last point is perhaps the most important of all, as it can really determine the success or failure of your business … in fact ask yourself about the difference that may have been, in terms of advertising and business, between the company that has managed to to produce and distribute personal safety devices (masks, gloves, hand disinfectant gel) first compared to the one that is only now on the market (just to cite a topical example).

Therefore it is of fundamental importance to plan the timing to carry out the entrepreneurial project and to know clearly when your Startup will be fully “operational” to market its products-services.

Conclusions

The aphorism of Reid Hoffman, co-founder of Linkedin, is famous, through which he compares the difficulty of creating a successful startup to the same way as “jumping into a ravine and building a plane while falling“!

In summary it can therefore be said that, although this is very difficult today, especially in the era of Covid-19, it is not impossible if, in addition to the “ingredients” listed above, there is also a good dose of personal aptitudes and potential, such as “Foresight”, “passion”, “courage”, “perseverance” and “faith” in one’s own ideas!