Developing a business idea is the first step for any start-up. There are many different approaches to doing so, and many different business models to frame your thinking around. In this stage you’ll find resources that help you define, fine-tune, and communicate your business idea!

What is a business idea?

There are 5 basic types of business ideas:

1. Bringing an existing idea into a new market i.e. Custom suits for a younger male demographic
2. Improving on an existing idea i.e. Vegan non-dairy Alfredo sauce
3. Merging of two or more ideas i.e. Board game café
4. Completely new idea i.e. Empathy Toy for schools
5. Taking advantage of an opportunity using an existing idea, in an existing market i.e. Opening a shoe store in area where other shoe stores already exist

Resources

How to cultivate good ideas?

You likely have many ideas for a potential business, but which one should you actually focus on? This selection of resources will review how to best approach business ideation and how to choose between competing pathways.

What is a social purpose business idea?

Increasingly, businesses are striving to do more than maximize financial returns. If you’d like to develop a business idea that aims to create social and environmental value, consider the Social Purpose Business model.

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