Tag Archives: Starting a Business

What are the characteristics of a good business idea?

Finding a good business idea is a challenging task before starting a business . First, you might come up with ideas from previous work experience, your hobbies and skills or small-budget market research. Then, your next task is to filter them. And, it is also a challenging job. There are many business ideas but not all of them are commercially viable. For example,… Read More »

Creating Value: Definition and Why Does It Matter?

What it is: Creating value means making something less valuable more valuable. If it is associated with creating customer value, it is an attempt to generate added value.  What is added value? Value added is the difference between the selling price of a product and the input costs to make it, including raw materials and related components. Take a simple example. Your… Read More »