Having said that this is a formula, I want to emphasise that starting and building a business is not a series of steps that you just follow and then you are good to go.
Instead, starting a business is about using a series of fundamental principles that you apply to your particular idea and market context.
When people quote these comments, they are trying to emphasise that it’s not just about your idea.
You can’t tell if an idea is good because you’re excited about it or that your friends and family like it or that someone else is doing it successfully (or not.) A good business idea has certain characteristics that are independent of how you feel about the idea.
All the business ideas I mentioned above could be good ideas if they fit the definition of a good business idea. A good business idea solves a specific problem for a particular group of people in a way that removes their objections to using the solution and is different from what other competing businesses are doing. This solution would only be valid in your area if other competing cafes didn’t cater to this market in this way. It’s easy to persuade ourselves that our idea is great and be less than objective, so this kind of honesty with ourselves is hard. Coming up with these sorts of ideas takes lots of practice in identifying opportunities and creative problem solving. So, step 1 on your way to a successful startup is to make sure you have a good business idea. My ideas can be like a out-of-control animal that needs taming – there is just no structure.
Just in case the onslaught of videos showing painstakingly choreographed flash-mob proposals or reports of day-long proposal treasure hunts aren’t enough to highlight the extremism of our current engagement culture, guys everywhere can breathe a sigh of relief, because apparently we’ve built in a trial run: The Promposal. Promposals aren’t a new trend – according to this piece from The Washington Post, they’ve been around since 2002, but they didn’t gain this level of viral ubiquity until sometime after 2007, and it would be another four years before the term “promposal” became a familiar addition to our lexicon. It isn’t news that marriage proposals – which, you know, at least usually take place between actual adults who have probably spent more than a couple of weeks making out in the back of someone’s car – are already rife with problematic concepts that reinforce harmful institutionalized ideals relating to the worth and autonomy of both men and women. Prom is, of course, certainly not a wedding, but though the stakes are obviously different, that doesn’t mean they aren’t still high.
But pre-promposal, this yearly capstone event wasn’t suffering from a lack of pressure – the push toward “coupling,” expectations about dating post-prom, the expectation of sexual intimacy, the stigma of going alone, the worry over turning someone down or being turned down and, of course, the anxiety over asking in the first place. We walk this back by deemphasizing marriage proposals from their status as the way we measure how much one person loves and values their partner, as the be-all-end-all event of a couple’s lives to date (until, of course, it’s replaced by the wedding, which ALSO isn’t the be-all-end-all, that’s the marriage you’re thinking of, folks).

I suggested elsewhere that we start using over-the-top proposals as the new way to ask for EVERYTHING.
It seems to me that Americans have a tendency to ritualize everything and make a competition out of it.
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The formula in the picture summarises my whole philosophy about what is needed to create a successful business.
How they apply and the insights you gain and the order that you use them will be slightly different for each business and will lead to unique solutions. We’ve all heard things like, “It’s not about the idea, it’s about having a great team and great execution,” or “I’d rather have a B-grade idea and an A-grade team than an A-grade idea and a B-grade team.” Personally, I’d rather have both an A-grade idea and an A-grade team.
If you start off with a mediocre idea, you are handicapping yourself right at the beginning. It often helps to have feedback from people who understand what makes a good business and who you can trust to be honest with you. Occasionally a great idea will hit us on the head, but if we want to think regularly in this way, it takes practice. The problem, target market and solution combo is a great framework for people to work under to come up with ideas.
Who needs to wait around until you feel like you’ve established your own identity or bother genuinely connecting with the person you want to commit yourself to for the rest of your life before spending weeks or even months planning an epic ask? Currently, YouTube returns over 50,000 hits for videos tagged with that word, and I’ll go ahead and spare you the wasted hour – for the most part, they’re as shockingly over-the-top and ridiculous as whatever you’re imagining. The societal expectations for marriage proposals appear practically boundaryless – why not propose by faking your own violent death?

They create unrealistic expectations in people and don’t serve the same purpose as marriage proposals. I’m really interested in hearing from high school students or recent grads about their thoughts on this. My husband can now expect an elaborate, carefully orchestrated proposal anytime I need to ask him to grab milk or something from the store on the way home from work. And with the internet and all that you are competing against the whole world, which is tough competition, obviously. But it was just balls, not The Prom, not like, I don’t know, losing your virginity (which was not that big of a deal either). You will likely need more than one good business idea to find a valid one for you to implement. Worked for this maniac – and as these expectations have trickled down to high school students, the stunts for the next “most epic” promposal likewise grow increasingly more and more outrageous. The more outrageous and over-the-top the promposal, the more certain she’ll feel that she can’t possibly say no. Also, what’s the fun in getting asked if you already know how it’s going to happen? But if you know what the principles are and you apply them, then you can be confident in the decisions you make for your business.
Just like another mummy blog or online children’s clothing store or another app is maybe not a good idea. Some ideas you come up with may be great, but you don’t have the skills and resources to implement them. The idea has to be a good fit for your skills, passion and experience as well as being a good solution for your target market’s problem.

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