Define your business idea

What is a business idea

Define Business Idea

For an idea to be valuable to yourself and the world, you have to be able to communicate it. The first step is to define and refine your business idea. Breaking it down with the help of Ideator allows you to do so. Work within private or “stealth” mode as long as you’d like while you’re crafting your idea profile. No one, not even the team at Ideator, can see your work until you’re ready to invite people to your team.

I Have a Business Idea – Now What?

If you find yourself asking, “I have a business idea – where do I start?” then you’ve come to the right place. After you have started thinking about your business idea, it’s time to define it. No matter if it’s for profit or not for profit, a product or a service, all ideas need to be defined in the same way. Five elements are always present: name, tagline, elevator pitch, problem, and solution:

The Idea Name

The idea name is a critical part for your new business. Whatever your business idea is, it must have a name; otherwise, potential customers will be unable to find you or your product or service. With a catchy idea name, people will remember what you have to offer. You can get creative, but try to keep it simple. Keep in mind you can always change the name or any other part of your idea later.

The Tagline

The tagline is similar to the idea name. Having a solid and catchy tagline will help customers and clients remember what you have to provide to them. A tagline is some kind of slogan or catchphrase. It should speak to your target demographic. Think of BMW’s “The Ultimate Driving Machine” or Nike’s “Just Do It,” or “The milk chocolate melts in your mouth, not in your hand” by Mars’ M&M’s chocolate. Sometimes it’s about the product, and sometimes it’s about the experience. Be as creative as you’d like, and make sure it connects with your potential customer.

The Elevator Pitch

The elevator pitch is key to getting traction. Imagine you enter the elevator and find yourself with the best investor for your idea. You now have at a maximum 30 seconds to sell her on your idea before you arrive at the ground floor, the doors open, and your opportunity is over. You have one chance. What would you say? An elevator pitch must be very persuasive and concise. Watch some great pitches here.

The Problem

The most successful business ideas start with a problem. These businesses recognize a real issue that people struggle with, and they look for answers and solutions to that problem. When you define the problem, test it. Check to make sure people have experienced it, besides just you.

The Solution

As you define your business idea, make sure to focus on creating a product or service that solves a real problem. When you create a must-have solution to a big problem that people identify with easily, you’ll have far less to do when it comes to convincing consumers that they need what you’re offering. Run the solution part by others and make sure it’s easily understood. It won’t be of any value if you’re the only one who understands your brilliant idea.

Once you have your business idea or ideas, your next step as outlined above, is defining it. Start by figuring out the solution you want to provide to the problem, your idea name, its tagline, and your elevator pitch. With Ideator, you can work on your business idea in private for as long as you’d like. And invite as many advisors to the idea to offer feedback to all these parts of your idea and more.