Do I Have a Great Business Idea?

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A United States Navy veteran, John Oscar Branch fought in Vietnam and was part of the Lions Den naval battle. After leaving the armed forces, John Oscar Branch founded and led three successful companies in Oregon.

Thinking of a great business idea is challenging regardless of the amount of experience you have as an entrepreneur. Here are three questions to ask yourself about a new idea:

- Why am I doing this?

The process of building a new company takes time and requires a great deal of passion. If you aren’t passionate enough about your business, you may lose energy and patience while establishing it. Make sure your business idea is something you care about and not something that you think will just make a lot of money.

- Does my idea solve a problem?

Usually, the best business ideas solve some sort of issue affecting you, your family, or other people. Take time before you create a customer profile. Figure out why these people need your business and what your company offers that the competition can’t.

- Am I flexible?

Be open to changing your ideas according to your customers’ desires. This flexibility is essential throughout the life of a business.