There's no magic formula for a great business idea. However, the ones that get traction do share certain characteristics. In a recent hangout moderated by Entrepreneur.com editorial director Ray Hennessey, we asked a roundtable of experts in business innovation about what all great business ideas share to better help you shape the next big thing.
Great ideas anticipate needs. Needs people haven’t even been articulated “have great runway potential,” according to Jeanne M. Liedtka, a professor of Business Administration at the University of Virginia.
Great ideas fill real gaps. Some of the best business ideas are developed by people who have experienced a specific need and understand how to fill that gap in the market, says Greg Grove, an attorney who leads the emerging companies and venture capital practice at Chicago firm Much Shelist.
Great ideas can beyond the idea phase. Don’t forget execution, says Jonathan Axelrod, managing director at Entrepreneurs Roundtable Accelerator, an early-stage seed fund and accelerator in New York City. An idea on its own will not make a successful business and evolve to fit a changing market. Axelrod says the best ideas are ones that can can be validated and tested.
For more insights, watch this short hangout. Other videos from this series can be found here.
What else do you think great ideas need? Tell us in the comments.
Related: Say ‘No’ to Stale Thinking