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A successful business idea addresses a real market need, offers a unique value proposition, and has the potential for scalability and profitability. It must be practical and achievable with the available resources and adaptable to market changes.

As we shall see, small business ideas are just the first step in a long line of considerations to building a successful business. To get there, you not only need to assess the potential of your idea but also your potential to make it happen.

What Type of Founder are you?

Deciding to turn an idea into a business is the easy part. Launching a profitable business is a commitment.

Being a successful entrepreneur starts with confidence. Knowing your strengths, weaknesses, and interests allows you to capitalize on your strengths, anticipate blind spots, and stay motivated when you get stuck during the business development process.

Some love the art of business and the architecture of value-adding systems. For them, income is a way to earn points. Most entrepreneurs, however, are motivated by a problem, pain point, or passion and count themselves among their customers. They love nothing more than seeing people enjoy their products.

Here are some good questions to ask about your founder’s suitability for a business:

Do you have Strong Opinions, Experiences, or a Story Related to your Product Category?

Do you have key qualifications that make you suitable for this idea? Perhaps you are a strong communicator who can target retailers and build business relationships. Or you have design experience that would help you develop a compelling brand. Is there a skill you don’t have that you could outsource or delegate to employees?
Are you personally involved in the problem you are solving or the interests you are serving? You don’t have to be. But it helps!

Could you create content to grow an online audience (social media account, YouTube channel, email list)? Today, some entrepreneurs begin by building an engaged audience that eventually becomes the backbone of a thriving business.

After examining some of the one million small business owners on Shopify, our research found five types of entrepreneurs: the growth-minded mountaineer, the bold pioneer, the ever-ready mapmaker, the risk-taker, and the perennial misfit.

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