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Successful Business Ideas

Provided by Potential.com, Content Partner for SME Toolkit UAE

Every successful business starts with a great idea. But how can you cultivate successful business ideas of your own? Take these tips to heart.

1. For your business to be successful, you’ll need to identify a common need, and then provide an easy solution. For instance, if you’re always losing your keys, you could invent a homing device that works with your smartphone.

When identifying a need, it’s also important to make sure it’s not already being sufficiently met elsewhere. Even if the thermometer in your area reaches 100 degrees every day during the summer, if your town already has 350 ice cream shops, the market is probably too saturated unless you have something truly unique to offer.

2. For your business to grow, you’ll need to find an idea that’s easily scalable. Thinking about scalability early will put you in the right mindset, and will prevent problems down the line. If the fabric manufacturer for the quilts you’re making can only supply you with 4 yards of material per week, have an alternate supplier on standby or pursue a different avenue.

3. Be prepared to fail. Behind most successful business ideas, you’ll find 4 or 5 or even 10 failures. Be flexible in your approach to entrepreneurship, and don’t be afraid of failure. It’s a good idea to start small, and to find ideas with a relatively low cost of execution – so if your idea does fall through, you won’t lose the shirt off your back. Be persistent, and keep trying.

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