Business idea

A business idea is a concept that can be used for financial gain that is usually centered on a product or service that can be offered for money. An idea is the first milestone in the process of building a successful business.

The characteristics of a promising business idea are:

A business idea is often linked to its creator who needs to be truly convinced of the business value in order to make it happen.

For businesses this could mean; creating new ideas, new product development through research and development or improving existing services. Innovation can be the central focus of a business and this can help them to grow and become a market leader if they execute their ideas properly. Businesses that are focused on innovation are usually more efficient, cost effective and productive. Successful innovation should be built into the business strategy, where you can create a culture of innovation and drive forward creative problem solving.

These extremely successful companies were built on sheer innovation and we can see how valuable they have become in the short time they have been around or have been focusing on innovation. When we compare Tesla's value to that of General Motors, we see that the market capitalization of General Motors is $53.98 billion today in which the company has been around since 1908 whereas Tesla was founded in 2003 and has achieved 50% of General Motors value within 12 years.

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Each successful company has a USP and this is what potentially makes their customers loyal to them, as this is the original reason as to why they chose to buy from them. A USP can be created through the element of being first to a market, for example with Uber; who were the first company that gave you the ability to press a button and taxi would appear within 5 minutes to pick you up. Because Uber had reached this market first, it gave them a USP and therefore they received loyal customers for this. However; with fierce competition copying Uber's business model, Uber has had to develop their service through innovation and this is where innovation can be used as a USP, as Uber have had to develop their services to a wider market in which they are now working on a delivery service called "Uber Rush."

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Wikipedia