The Small Business Administration's Office of Advocacy of U.S.A reports that 27 million small businesses in the U.S. account for half of the gross national product and employ more than half of the workforce. This is all the more true for all developing nations. This speaks volumes for the importance of small businesses for the growth of economy of any country. The story of India’s economic growth too has largely been written by small businesses.
Entrepreneual spirit gives rise to innovative ideas which can help launch new businesses. Some ideas are born in garages and some in high-tech university laboratories. A few of these products come to the market and others remain in prototype stage. The products that catch the fancy of venture capitalists attract good funding even at the prototype stage. All products do not lead to a hefty profitable business. Some products are a run away success, some wither away and some lead to a sustainable business. But there is no denying that all successful businesses are outcome of a business idea whose time has come. It meets some unfulfilled need, provides some ease of operation and thus can lead to a successful business venture.
To make business ideas work, one needs to have zeal to carry on with conviction to ensure that it succeeds. There is no clear cut recipe. However if the entrepreneur has the following, he has a fair chance to succeed:
All good business ideas must be backed by good business plans. The business plan must answer the important questions like:
Here is the brief list of some of the business ideas that have resulted into successful business ventures:
Three Boston College graduates created a paint that dries to create any surface to turn it into a whiteboard. Any dry-erase marker can wipe it completely clean. This way any wall of any surface can be turned into a whiteboard. The paint sells for $3.50 near $4.00 per square foot.
A new method introduced by Emo Labs, Waltham, Mass.Emo which is inserting .02-inch-thick-speakers into the edges of computer monitors and televisions screens. Using these .02-inch-thick-speakers which creates sound using small movements and a voltage instead of these cones, magnets and voice coils which produce sound through traditional speakers
To clean up stains on any surface, fill up an Activeion bottle with tap water and spray it on the stain. On pressing the trigger, Activeion’s bottles move tap water through a small electrical charge that separates the molecules into positive and negative charges and creates bubbles. This bubbly water wipes off the dirt and bacteria from any surface even the magnetic. Importantly this bubbly water helps in wiping away dirt and grease easy.
Bamboo House India aim is to exploit the bamboo to convert bamboo as an economic constraint to providing long run livelihood prospect to rural and tribal natives in India through all the market associations. The main objective Bamboo House India is promoting bamboo as an eco-friendly replacement to steel, wood, plastic and iron.
e-Firm an agri-supply chain platform linking farmers, logistic providers, buyers and intermediaries. Revenue generation is through sale of produce, commissions and through logistic services on demand.
The agri-tourism business promotional ideas are the best and make the tourists live the life of a villager, exactly from ploughing fields, milking cows, bathing in a well, climbing trees and plucking fruits.
An online digital photo printing solutions portal to provide support to color labs. Gives mini-labs products and services to sell and add to the revenue base without capital pressures
Invincibelle is a premium site for women spear headed by a NRI- Deepika Bajaj. The portal is designed and created for women who live and work in a multicultural world. It carries trusted and relevant content to speed up individual and professional development of women worldwide. It plans to offer users to upload their profiles with information of exclusive services they provide and also offer an e-learning platform that will cater to the training needs of women.
It provides waste management solutions to companies. It creates products from waste and sells them.
It makes customized celebration cakes, desserts, snacks and chocolates according to the customer preferences, and caters to corporate and individual clients. It also organizes baking workshops for clients.