Three Ways to Identify a Great New Business Idea

What if you have a really good idea for a startup or a new product line within a mature company, but you haven’t directly lived the problem? This doesn’t mean you should forgo launching your venture. You do need, however, to delve into extensive and objective market research and speak with as many potential prospects and customers you can find. This is crucial in confirming an actual need for your product or service and whether it can attract a large market.

But how do you conduct research without potentially giving away your idea? This is a risk you have to take. While it is important to file for intellectual property protection for your idea, it is rare that the winner in the market always gets awarded a patent. Far more important is winning in the market. What counts most is securing customers faster than your competitors.

Here are three ways to help identify a promising new business idea.

Please select this link to read the complete article from Inc.