Does your business idea have the potential to address a need?

According to Mike McGee, an entrepreneur and co-founder of the online design school The Starter League - which has been acquired by Fullstack Academy - feels that the best business ideas are those that solve problems in a way.

McGee declared, "If there's a problem that affects your friends, family, and co-workers then it is likely to affect people you don’t know."

1. Are people willing to pay for it?

Whether you're focused on a creative new business idea or have an idea for an easy-to-start business you'll require customers. Wil Schroter who is the founder and CEO of Fundable, stated that paying customers are a way to validate the idea and can help decide which ideas have the best chances of being successful.

Schroter stated that an idea is just an idea until it has an actual paying customer. "Anyone can denigrate an idea, but no one can deny paying customers."

1. What price range would you prefer?

Charlie Harary, co-founder and partner of the investment firm H3 & Co., believes that the best business ideas are able to solve problems in a manner that's less costly than what the market will endure.

"Once you've established that you have solved a legitimate problem in a scalable way then you must determine not just the value it delivers to the world, but also what customers would be willing to pay for the value," he said. "Once you know the price then you can determine whether your solution is a viable business idea or not."
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