Countless entrepreneurs have said, “I have an idea that will change the world!”  If we all had a dime for every time we’ve heard that phrase, we would all be the next entrepreneur millionaire.  For every 100 entrepreneurs who believe they have thought of a revolutionary business idea, one has already put it into practice and is enjoying a corner on the market or a growing stream of income. 

If you plan to open an entrepreneurial business and obtain venture capitalist (VC) funding, you need a business idea that is fresh.  However, remember that your idea doesn’t necessarily need to be new; it could be a fresh look on an old idea or a fresh perspective on a current business process.

Before you start shopping for VC funding, take a close look at your business idea.  Make sure it has at least one of the qualities below.  If it doesn’t, rethink your entrepreneurial idea so that you can show venture capitalists that your business is ready to fill a needed niche.

See an Opportunity

Many entrepreneurial ideas come from witnessing an opportunity that no one has yet met.  Over ten years ago, Julie Clark could not find materials that she could use to teach her young child about music, art, and humanities.  Subsequently, she created her own video and materials using her basement and a home computer.  Today Baby Einstein is owned by the Walt Disney Company and includes Little Einstein and a host of educational videos and resources for children to learn about the arts.

Sometimes we look for opportunity and sometimes it strikes you instantly.  When you come across a new opportunity for an entrepreneurial enterprise, you already have a great start for success.

Replace or Improve an Existing Idea

Sometimes entrepreneurial success comes from improving upon a current product.  Most everyone is familiar with Soichiro Honda from Japan who came up with an innovative new piston design.  Though his designs were scoffed at first, he soon became a world leader in motorcycle engine manufacturing.  His company continued developing innovative technology with gas-saving automobiles.

Innovative improvements that can replace or improve upon a current product are another road to becoming an entrepreneurial success.  Successful business ideas need to be unique and find a way to make wide-spread changes for the better.

Raise the Stakes

Dominos Pizza once had an ingenious idea to obtain more business by promising to deliver a pizza, fresh and hot, to your door.  This was at a time when people still went to pizza restaurants.  Can you name a pizza place in your town that does not deliver today?  Clearly, Dominos revolutionized the industry. 

By raising the stakes, you can offer better, faster, or more desirable service or products.  All it takes is an innovative idea that takes the best and makes it better, and thus, in more demand from customers.

If you think you have a great business idea, think again.  Your business idea may have the nugget for a great and innovative product or service, but you need to research and refine your idea so that it is unique and fills a niche.  The most successful entrepreneurs will have that shiny, innovative idea that makes life better or easier for a lot of people.

Tags: angel investor, angel investors, business idea, Find funding, next big business idea, startup business funding, venture capital, Venture Capitalist

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