Some people are destined to be entrepreneurs. From the time they get through school, or maybe even before that, they’re hungry to start a business and lead it to success and will stop at nothing to make that dream a reality. If this describes you, EDI is the right platform for you to transform your business plan into business success.
Entrepreneurship Development Institute of India
EDI, an autonomous institution set up in 1983 as a pioneering institute for Entrepreneurship Development and Training in India and around the globe. The institute has been acknowledged as a world leader in creating first generation entrepreneurs as also honing skills of existing ones and it shares its expertise with several developing countries.
The PGDM–BE two-year, full-time, residential programme at the EDI, now in its sixteenth batch of delivering entrepreneurship education, has been designed specifically for entrepreneurs and entrepreneurial mangers to encourage critical and lateral thinking, nurture their ambitions, and enable new ventures through an academically rigorous, directly relevant and highly practical learning experience.
Entrepreneurship Process at EDI
All individuals who enroll themselves into EDI go through the complete process of sharpening their entrepreneurial mind set by boosting their confidence. Through constant mentoring and guidance the students then prepare their business plan and finally they are given the platform to pitch their ideas to banks and investors, so that they can launch their own venture.
Open House events:
The information provided above is just an overview of the course and the skill development process. In order to provide our potential students with an in-depth insight into the course, we have organized a series of Open House events across ten cities in India. These interactive sessions will help you evaluate the course with respect to various aspects so you can have a fair idea whether this course is the best one for you.
Who should attend the Open House events and why:
If you are a graduate or in your final year of graduation and dream of being a businessman, this event is worth your time. Whether it is about your own startup or about making your family business scale the Tata-Birla-like heights, your dreams can get a realistic base and insightful guidelines during the interactive session with our expert faculty at Open House events, along with the detailed information about our PGDM-BE course. Your parents may also join in if interested.
When / Where / Duration:
EDI accepts a maximum of 30 registrations for an Open House. For registering online, go here: http://bit.ly/1IMdpAl
Registrations and Enquiries:
For any further clarification / information please contact us at email@example.com
As entrepreneurship is rapidly gaining popularity across the globe, we wonder why so many people are inclined towards the startup culture? It is sheer stupidity to jump into the world wherein you can find no sure shot formula to success and add to that, a constant risk factor always associated with your life and career. One should simply go for employment as there are so many perks of working as an employee, where the risk factor is limited and the standard of living is high. Here are seven points that prove that employment is a better option than entrepreneurship:
1. Why be an entrepreneur if you can have the satisfaction of saying that you are working as a senior employee in an MNC?
But as an entrepreneur, you can proudly say you OWN a business.
2. Why be an entrepreneur when as an employee, you can enjoy a fixed number of paid leaves for going on holidays?
But if you become an entrepreneur, nobody is going to stop you if you decide to work from a cool place in a holiday destination or from a café while having coffee with your friends.
3. Why be an entrepreneur when as an employee, you have the opportunity to climb the corporate ladder and reach a post just below the topmost post in an MNC?
How about the day when you are at the topmost position of your business from day one? You begin to grow YOUR BUSINESS. And guess what, there’s no growth ceiling.
4. Why be an entrepreneur when as an employee there’s a wide scope for networking with high-profile people working at senior positions in large MNCs?
Who cares? You are more interested in being a member of that special, creative breed with whom you can relate; the one whom the world calls Entrepreneurs.
5. Why be an entrepreneur when as an employee, you love your high paying jobs that change your life and make it more luxurious?
As an entrepreneur, YOU change lives. Period.
6. Why be an entrepreneur and work day in and day out when as an employee, you always reach home on time and that too, after leaving the workload at office?
But entrepreneurship saves you that career hamster wheel at office wherein a monotonous, repetitive, unfulfilling activity eats your head from 9-5.
7. Why be an entrepreneur when as an employee, you can flaunt so many ‘employee of the year’ awards and accolades received from MNCs?
But as an entrepreneur, you have great stories to tell. Stories of your struggle, stories of your success; the story of your dream coming true.
This was our way of letting you weigh the pros and cons of entrepreneurship. At the end of the day, we have made our point clear
Does that tickle your dream of taking a step towards entrepreneurship now?[Top]
With the advent of the World Wide Web, many magazines and newspapers have folded or attempted to reinvent themselves online. Not only these, major consumer brands have reallocated a significant portion of their advertising budgets to the Web to reach online visitors. Talking about startups, a majority of entrepreneurs find digital marketing much more efficient than traditional marketing. These trends made us wonder what is it about digital media that makes it a favourite among entrepreneurs. We have summed up our findings in the form of 5 major advantages digital marketing has over traditional marketing.
1) Relevant reach at minimum cost
Compared to traditional marketing, digital marketing has the potential to reach exponentially more customers that are relevant to your marketing campaign in a more cost effective manner. While traditional media tends to yield a much higher reach than digital media, it cannot ensure that all people reached are relevant to the marketing campaign. There will always be some portion of the budget generating zero leads simply because the people who saw the ads do not belong to the target audience. On the other hand, when your website content and digital ads appear on search engines to the people looking for the same product category and on targeted posts on social networks like Facebook, Twitter, Pinterest; your message and brand can be seen by many more potential customers, expanding the effectiveness of your total marketing investment.
2) Flexible scheduling
While traditional marketing campaigns require a lot of planning and extensive advance scheduling, marketing campaigns on digital media are flexible in terms of execution. No heavy losses are incurred if the campaigns have to be rescheduled. Add to that the benefit of scheduling posts on social media. Your campaign keeps on running even if you are in a distant country enjoying a holiday.
3) Targeting the audience
With traditional media tools like a mail or television campaign, it’s difficult to target people who are actually interested in your business – meaning your message falls on a lot of deaf ears. On the other hand, digital marketing lets you start up a conversation with the people who actually care about your products/services. For instance, by using the adverts create tool on Facebook, you can reach customers in key locations by country, state/province, city and post code. If you’re an e-commerce business in West India, you can target your adverts at people who live in the West India region. You can also target people based on demographics like age, gender, relationship status, education, workplace and more. For example, an online fashion store would target its adverts at women in the 18-54 age group. Furthermore, Interest targeting lets you define your ideal audience by their interests, hobbies and Pages they like on Facebook. You can also use advanced targeting options, such as targeting women aged between 18 and 34, who live in West India region.
4) Concrete statistics for accurate reports
It’s not easy to know how many people heard your radio spots or read your newspaper ad. But you can find out exactly how many times your digital marketing messages were displayed to customers actively researching a purchase, how many times they were clicked, which web pages they visited after clicking, how long they looked around and more. This online marketing data makes it easy to measure your progress against your business goals and quickly adapt your entire marketing strategy to take advantage of what’s working best. For example, ExactTarget mobile behaviour report helped e-commerce startups revise their marketing plans when it stated that 44% of online shoppers begin by using a search engine. To improve social media performance of brands, it would be of great help to know that if a post is greater than 1,500 words, on average it receives 68.1% more tweets and 22.6% more Facebook likes than a post that is under 1,500 words. Almost 80% companies opted for a mobile optimized site when they came to know that 27% of consumers will leave a site if it is not mobile optimized.
5) A platform for customer engagement and support
Digital marketing sets the stage for customer engagement. Whether it’s lots of phone calls from local customers seeing your online ads, to email opt-ins for a monthly newsletter, comments on a blog, or social media discussions, digital platforms make it easy to communicate with current and prospective customers alike. You can also use social networking websites as a customer support platform. For example, if your customer has a query or a complaint, he might not want to take the time to write to the company using traditional platforms. Instead, he might prefer to switch to another brand. On the other hand, if your startup is active on social networks like Twitter or Facebook, the customer will write to you about the issue in a minute and you can immediately respond to him, thereby maintaining the customer satisfaction as well as the reputation of your startup. You can also use these platforms as a medium for market research. The chances of responses in these media are high compared to the traditional market research techniques like telephonic surveys.
While conducting a research for this blog, we came across a good number of people who believe that traditional media, as we currently know it, will no longer exist in 10 years. While we aren’t at a point where we can really pronounce certain media “dead or alive,” we’re certainly in a state of major fluctuation and we’ll have to continue riding the waves before we see what modern marketing becomes.[Top]
Our previous blog about Crowdfunding must have given you a fair idea about what actually crowdfunding is and how it works. In this blog, you will come to know why more and more entrepreneurs are opting for Crowdfunding over traditional methods of fund-raising and how some of them have created a buzz across the globe with their successful crowdfunding campaigns.
The Benefits of Crowdfunding
From tapping into a wider investor pool to enjoying more flexible fundraising options, there are a number of merits to crowdfunding over traditional fund-raising methods:
1. Reach – By using good crowdfunding platforms, you have access to thousands of accredited investors who can see, interact with, and share your fundraising campaign.
2. Marketing – An active crowdfunding campaign is a good way to introduce a venture’s overall mission and vision to the market, as it is a free and easy way to reach numerous channels. Many crowdfunding platforms incorporate social media mechanisms, making it easy to get referral traffic to your website and other social media pages.
3. PR – The momentum created by successful crowdfunding campaigns make for interesting reading, and reporters are always hungry for them. Crowdfunding is a unique and hot industry these days, and countless entrepreneurs who have been successful with it have seen larger success and exposure as a result.
4. Validation Of Concept- As potential investors begin to express interest, give feedback and ask questions, you will quickly come to know if there is something missing that would make them more likely to buy in.
5. Efficiency – One of the best things about online crowdfunding is its ability to centralize and streamline your fundraising efforts. By building a single, comprehensive profile to which you can funnel all your prospects and potential investors, you eliminate the need to pursue each of them individually.
Where and How to do it
There are numerous crowdfunding platforms where consumers can safely ask for or donate money such as Kickstarter, Pik A Venture, Fund Dreams India, Indiegogo, Catapooolt, RocketHub, Start 51, Keggo.org to name a few. While each site offers its unique spin, the general concept is the same across the board. Project creators can create a profile typically containing a short video, an introduction to their project, a list of rewards per donation, and some images to elaborate. The idea is to create a compelling message that readers will be drawn towards. The idea of “it’s not what you do, but why you do it,” really hits home here. By focusing on a bigger purpose, the driving force behind a brand, project creators will be able to create a unique community of like-minded individuals. Each campaign is set for a goal/target amount of money and a fixed number of days. Once the project is launched, each day will be counted down and the money raised will be tallied up for visitors to follow its success.
It’s not as easy as it seems
There is a huge misconception that creating a successful crowdfunding campaign is as simple as hitting submit and waiting for it to go viral. While this has happened to many brands, the vast majority of projects will require a decent amount of effort on the part of the project creator.
Utilizing social media, creating email distribution lists before the project launches, contacting local media, are all necessary steps to take if you are serious about your goal. Remember, this is not a platform to ask for a handout. If you expect people to join your cause, you had better be prepared to prove your salt.
Each campaign should contain a powerful reason behind the idea, exciting and unique rewards, and an eye-catching display. Video definitely plays a huge role in this last point because in this age of the digital reign, many consumers will stop reading your campaign if they don’t connect to the video.
Success stories to get inspired from:
1. Green Pea Cookie: A recipe discovered by three cookie lovers, Green Pea Cookie, is made from crunchy roasted green peas that offer a combination of a sweet and savoury taste. Their flavours include original green pea, chocolate-dipped green pea and cranberry green pea. Best thing about them? You can eat up to 6 and only consume 100 calories. After realizing the potential this treat they decided to make Green Pea Cookie come to life! Within 7 hours of launching their crowdfunding campaign for it on Kickstarter, they had already met their goal of $5,000. As of today they have exceeded their goal by 397% with more than 25,000 cookies pledged.
2. Sheroes Hangout: This fundraising campaign is being run by Acid Attack Survivor Ritu to fulfil her dream of owning her own chain of restaurants in UP. She started off by opening a cafe in Agra for which she bought the equipments and paid remunerations to her fellow survivors at the initial stage with the help of funds raised from crowdfunding. Having launched this crowdfunding campaign on FundDreamsIndia.com, Sheroes Hangout has raised more than ten lakh rupees till date and has expanded across many cities in UP.
So what are you waiting for? Originators, jump the band wagon and rock the world! Supporters, get rewarded and enjoy your emotional satisfaction. Visitors, get inspired and launch your dreams.
Now is the time for you to start this incredible journey of owning your own tomorrow!
Until recently, financing a business involved asking a few people for big sums of money. Crowdfunding is turning this idea on its head, using the internet to help entrepreneurs talk to thousands – if not millions – of potential funders that each contribute a small amount.
Crowdfunding is an efficient, contemporary way to connect entrepreneurs with smaller sources of capital, in the form of individual investors. Investopedia defines crowdfunding as “the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet.”
Crowdfunding involves three parties:
Project Initiator – Project initiator can be anyone with a strong idea. If you have an idea and are looking for funds to put that idea into execution, you can easily be a project initiator on any of the crowdfunding platforms.
Contributor – People are now participating in crowdfunding in a pretty significant way. They make contributions to the funding of projects which they find creative and competitive. People love the idea of tying themselves to something they care about and can wed that with financial return.
Crowdfunding platform – The platform, which is usually a website, gives the project initiator a platform to present his idea and the potential investors to contribute to the projects they find viable.
Types of Crowdfunding
Just like there are many different kinds of capital round raises for businesses in all stages of growth, there is a variety of crowdfunding types. Which crowdfunding method you select depends on the type of product or service you offer and your goals for growth. The 3 primary types are:
Donation-Based Crowdfunding – In this type of crowd funding, contributions are selflessly given by the donors who fund the cause and expect no compensation in return. Common donation-based crowdfunding initiatives include fundraising for disaster relief, charities, non-profits and medical bills.
Rewards-Based Crowdfunding – Rewards-based crowdfunding involves individuals contributing to your project in exchange for a “reward,” typically a form of the product or service your company offers. This is most commonly used by entrepreneurs because it lets business-owners incentivize their contributors without incurring huge extra expenses or selling ownership stake.
Equity-Based Crowdfunding – Contributors are offered shares of the business entity, a stake or a share in its profits in this type of crowdfunding. This lures investments from contributors for lucrative business ideas.
Rewards and Donation based Crowdfunding are the two most popular Crowdfunding types. Within these two types, there are two Crowdfunding models called:
Keep It All – Amount received through each transaction is entered directly into the project initiator’s account immediately.
All or Nothing – If the economic objective is achieved (within a period of time), all contributions are transferred directly to initiator’s account. If the goal is not met, the funds raised will be returned to the contributors and the campaign will receive no funds.
In essence, crowdfunding is an excellent way for entrepreneurs to get the funds and exposure they need in order to verify, execute, and help their ventures grow. With the industry still evolving and becoming more efficient day by day, there is no better time than now to take advantage of the associated benefits![Top]
Every year ‘International Women’s Day’ is celebrated across the world with paying tribute to the spirit of women empowerment & womanhood. Over the period of time since its inception the role of women have constantly evolved in society & women are now seen beyond housewives. Thanks to those few women who accepted the challenges & proved their worth.
Today you name the sector & there is a woman making difference to it by her unique initiatives & efforts. Be it higher education or jobs in MNCs, women are today seen as competition everywhere. But here we will talk about those few women who are making strides in entrepreneurship as well & setting an example for others.
Pramad Jandhyala, a graduate from BITS Pilani & an MBA from IIM Kolkata did a brief stint with corporate world before she went on to found LatentView, a data analytics and data management firm. She has grown up under three very strong fundamentals of Discipline, Hard-work & Standing up for what one believes in. She thinks these three fundamentals have contributed a lot towards what she is today. According to her one should never let their short term goals bruise their long term vision..
Valerie Wagoner is the co-founder of ZipDial, a Bengaluru based mobile marketing and analytics platform for global brands in emerging markets to engage 100% of their consumers.
ZipDial assigns companies a special phone number which their brands can use in print ads or TV commercials. Customers can call the number and hang up before they are charged for the call. In turn, brands can phone or send text messages about their business to the ‘missed callers’
She believes that the skills that are absolutely essential but are less valued in society are sales skills & every student should have good sales skills.
Vandana Luthra is the founder & mentor of India’s leading beauty & fitness brand VLCC. It has now more than 150 centers across Indian cities & has overseas footprints as well in countries like Abu Dabhi, Dubai & Sarjah.
As per her, the young entrepreneurs should set their goal & work towards it. They need to follow ethics, best-in-class service & product standards. If there is firm commitment and dedication on these aspects then there is no stopping from reaching the pinnacle of success.
4. Cupcakes & Closet
Neerali Malji & Aneesha Dalal started Cupcakes & Closet, a fashion brand in 2011 when they both were just 20 years old & were not having any formal education in Fashion Designing or Business Management. They firmly believe that risk taking ability is always inversely proportional to age. According to them young entrepreneurs should start small but should focus on perfecting every aspect of their business & scale will come with time.
5. Alicia Souza:
Alicia Souza is just another young girl, who is shy but passionate about her work, loves drawing in spite of no formal education & yes she is on Facebook too. The only difference is that she has a huge fan following of 50,000 followers approx. on her page. A Communication Design graduate from Australia, who flew back to India & worked as designer for ‘Chumbak’.
She left her job & decided to work as freelancer illustrative designer, whose designs are now available on eCommerce sites like Amazon. She creates a buzz on social media platforms every time she designs a new illustration. She thinks that the key to her success is giving in passion, diligence & the will to carry on regardless of her failure or success.
These women have moved on & broke the traditional shackles of how women are seen in society by their counterparts. They have set in examples that says much more about their hidden potential. They rightly showcased through their endeavours that entrepreneurship is not limited to a particular gender in specific & if given a fair chance can walk shoulder to shoulder with them.
Write to us if you have something more to add on women entrepreneurship or the role played by them in shaping the society.
Why so serious?
Read these funny quotes by some learned men from different industries. Because it’s not always about motivation and inspiration, entrepreneurship is also about laughing and being happy!
Here we go:
1. Behind every successful man, there’s a woman rolling her eyes. -Jim Carrey
Are you open to feedback? Or are you ‘Mr. I Know Everything’? Drop that ego and be open to what people have to say. Listen to their suggestions. You cannot be right all the time. Shun the arrogance or be ready to spot rolling eyes all around. There’s a thin line between being Mr. Captain Cool and Mr. Arrogant after all.
2. My fake plants died because I did not pretend to water them. -Mitch Hedberg
Every entrepreneur have their own set of rules and values. But make sure others too are comfortable with it. Modify them, as per the needs of others. You keep pushing your values on others, they will run away.
3. A day without sunshine is like, you know, night. -Steve Martin
Sometimes being the captain, you know things that many others don’t. This will create disconnect between what you expect people to know and what they actually do. Keep sharing what you know with your team and people around you to keep them on the same page as you.
4. Those people who think they know everything are a great annoyance to those of us who do. -Issac Asimov
This quote tells us about a thin line between confidence and over-confidence. Keep a check on your limitations, know your boundaries and learn to slow roll.
5. Do not take life too seriously. You will never get out of it alive. -Elbert Hubbard
C’mon now, who doesn’t face stress? Stress is healthy if you stop taking it negatively. It’s completely okay to be stressed out. Enjoy each phase in life. Learn something every day. Make mistakes, do stupid things, have fun and run your business as if it’s your last day.
6. I believe that if life gives you lemons, you should make lemonade. And try to find somebody whose life has given them vodka, and have a party. -Ron White
A brilliant quote! All you need to do is add that ‘extra’ in your ‘ordinary’.
7. Always remember that you are absolutely unique. Just like everyone else. -Margaret Mead
Be proud of who you are. But don’t stop respecting others.
We couldn’t stop here, so below are some more self-explanatory quotes:
8. Always look for a fool in the deal. If you don’t find one, it’s you. -Mark Cuban
9. Be nice to geeks. You’ll probably end up working for one. -Bill Gates
10. Everyone has a plan till they get punched in the mouth. -Mike Tyson
11. There’s no reason to be the richest man in the cemetery. You can’t do any business from there. -Colonel Sanders
12. I’ve got to keep breathing. It’ll be my worst business mistake if I don’t. -Steve Martin
13. Money is not the most important thing in the world. Love is. Fortunately, I love money. – Jackie Mason
And to end it all, here’s a hard-core entrepreneur:
If you liked this blog article, and want to see more of them on similar lines, drop us a word in the comments section below.[Top]
The much awaited rail budget of the new government was presented by Mr. Suresh Prabhu in his maiden budget speech on 26th February. Rail budget is of much importance to many as almost 23 million people travel through Indian Railways on a daily basis which makes up the population of few countries like North Korea & Taiwan (Republic of China). And hence everyone was curious to know what Mr. Prabhu has in bag to offer.
PM’s Swachh Bharat campaign echoed in the Rail Budget too with announcement of 17,000 toilets being replaced with bio toilets & a creation of dedicated department for cleanliness. Moreover, there is no hike in passenger fares which sums up the railway budget for a common man here itself.
But if you move on to look at the budget then one thing that is very clear & evident from the Railway Ministers’ speech was – His efforts were in lines to make Railway a self-sustainable entity with lower dependence on government for its functioning. A new paradigm shift in the budget was visible as no new train was announced unlike each of his predecessors did & the budget had the audacity to talk more than just new trains, coaches & fares.
In order to promote self-employment, products made by self-help groups especially by women & youth will be promoted. New jobs will be created for the masses as the total predicted investment is of Rs. 850,000 Crore for over the next 5 years.
For the first time someone has stressed upon employee productivity & discussed about imparting Yoga training to the employees. Human resource is the strength of Indian Railways as over 1 million people are employed under it making it one of the largest employer in world.
In order to modernize travelling through trains & digitize railways, Wi-Fi at 400 stations & mobile phone charging facilities in all train compartments will be made available. In addition to this, surveillance cameras in select coaches and ladies compartments for women’s safety without compromising on privacy will be installed.
Services like train protection warning system and train collision avoiding system will be introduced in trains in wake of the recent train mishaps that took a tall on lives of many.
Facilities like online ticket booking before 120 days & online booking of wheelchair for senior citizen will be launched for a hassle free & user friendly approach. Also a new 24*7 helpline will be launched with effect from 1st March 2015 to deal with public grievances on train delays & train reservations. An all India toll free no. 182 for security purpose will also be started.
All in all it was a fair budget by the Railway Ministry, answering the long pending issues of common man’s daily problem of security & modernization. We wish them luck in achieving their desired goal.
Do you think the budget is lacking something? Or are you completely satisfied? Share with us.
While entrepreneurship is being taken as a career by many, the only way you can differentiate from your competitors & give them a fitting reply is through ‘Creativity’. Undoubtedly much research has been done in this field but to our surprise many of them contradict to each other. So let’s ponder upon what exactly it means & how you can practice it.
1. Limit yourself: Many of you won’t agree upon this but research has shown that if we put on restrictions to available resources then it will actually make you think more & you tend to discover newer options, which you may not have discovered otherwise.
Example : Twitter, the social network allows you only 140 characters to express your idea as compared to other social media platforms. But it has to be noted that Twitter has become the most preferred social network by intellectuals as compared to Facebook or any other social media. And the quality of content is just superb. Had it been possible, if there were no such restrictions on writing? Ofcourse not.
2. Re-conceptualize the problem: Einstein once said “You can’t solve the problem at the same level on which it was created”, which means, you should try looking at things from different perspective. Sometimes thinking too much logically doesn’t help, as the solution itself is very simple.
Example : Everyone had seen the apple falling from the tree but no one saw it like Newton did. Well, falling of an apple wasn’t a problem but the way people looked at it was.
3. Distance yourself: When things aren’t working the way they should, may be it is time for some coffee, a walk or a short nap. Experts suggest that daydreaming at work for a while & then getting back to your work, helps streamlining things & as a result something more constructive is delivered.
Example : Writers/Authors often prefer distancing themselves if they get stuck upon on something. As they know very well that sitting & pondering upon the same thing for longer period of time won’t help. So they opt for taking a short break. This method is widely practiced in creative fields like advertising, script writing etc.
Write to us if you have more points to add or something to say about it.
Talking about creativity, we are happy to tell you that PGDM-BE course at EDI also has creativity & innovation in first year of its course curriculum.
As they say – A man without aim is like a ship without captain. The essence here is – you should be well aware about where you are heading or what exactly you want to do.
Many of us have a great business idea, but the lack of correct information/knowledge on how to leverage the project idea or how to make it commercially viable is the real DEVIL.
As entrepreneurs come from varied backgrounds, they do lack upon certain important aspects of how businesses actually work on ground zero. Ofcourse the passion & determination of an entrepreneur is always there in full swings but rather than learning things by trial & error, it is recommended that you learn it much before the execution stage.
Primarily the business idea you are working upon should fit in to following parameters:
1. The business should run without you: Essentially it means that all things should be on paper. It should not happen that in your absence, things go haywire. All things should be clearly mentioned on paper, reflecting the standard operating procedure required to follow it. So that even if people leave, quality or deliverable do not get hampered.
2. Everything should be measurable: Even if your idea is very artistic or hard to measure in numbers, you should figure out a way to convert everything into measurable piece as that will help you knowing whether you are moving northwards or southwards.
3. Room for growth: You should not confine or limit yourself; expand your horizon and discover newer markets to cater.
4. Product Evolution/Innovation: Your product should constantly evolve with time & customer feedback. It should not become redundant or a rigid project idea.
5. Should serve a purpose: The business idea you are working upon should solve a problem or should serve a purpose. If it is not, then you should rethink upon it once again.
6. Sustainable Business: The business idea should generate enough revenues over a period of time & should be self-sustainable. It should not be the case that your business constantly requires external funding or loan to survive.
Do you have more points to add or something to say about it? Let us know.