Stephen Key (with Colleen Sell) wrote One Simple Idea for Startups and Entrepreneurs (McGrawHill, 2013) and in it advocated that one reason small businesses fail is because their ideas are ‘too big.’ Too new or too complicated for the market to grasp and buy. Key says begin small and start with a very simple idea.
How do you come up with a simple idea and what is a simple idea? “A simple idea is any new product that is easy to communicate, make, and sell. It makes sense to consumers, buyers, and vendors alike, and it fits easily into their lives, stores and operations.”
Here are eight hallmarks of a winning simple idea:
1. It is a consumable, collectible, or commonly used item.
2. It has a large market.
3. It has a unique benefit you can show easily and customers can get instantly.
4. It has a “wow” factor.
5. It is small in size.
6. It can be made with existing technologies and common materials.
7. It has your stamp all over it.
8. It has a good profit margin.
The ISBN number for this book that invites you to “Live your dreams and create your own profitable company” is: 978-0-07-180044-0.