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:
What is innovation?
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 executive 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.
Examples of innovation
Apple was a $2 billion company in 1997, then it jumped to a $700 billion valuation in 2015 as a result of the innovation that came from the; Macbook, iPod, iPad, iPhone.