Got a Good Business Idea? Here’s How You’ll Know

4. It solves a problem. The problem should be significant and something that impacts a large group of people. “If there aren’t a lot of people who have the problem or if it is not a problem that people really care about solving, move on,” said Gordon Adomdza, assistant professor, Entrepreneurship and Innovation Group, at Northeastern University. He points to Facebook, which tackled asynchronous connectivity, and Google, which addressed the problem of search. “Since the problems are big, there is room for the company to revise its offering, innovate its business model and still be in business even when customer needs change,” Adomdza said. “Because the problem is big, the company can still survive by pivoting within the space.”


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CREDIT: Lightbulbs image via Shutterstock

There is no shortage of business ideas, but so few get off the ground. What separates the long-lasting endeavors from those that have a quick expiration date? BusinessNewsDaily spoke to some experts to get a read on the factors that are common in business ideas that take off.

1. It is innovative or offers a twist on an existing product or service. Opening the next pizza joint in a strip mall that already has two pizza parlors is not a formula for success, unless you plan to offer something the others have missed.

“Being new or first is not enough,” said Jose Palomino, founder and CEO of Value Prop Interactive, a consulting firm, and an adjunct professor of marketing at Villanova University. “The iPod wasn’t the first MP3 player, but it defined the category. Being innovative or new doesn’t work if your product doesn’t matter to anyone.”

It doesn’t always pay to be first to market with a product, experts say. “It is not necessarily the person who gets their idea to market first that wins,” said Karen Russo, president of IIPE, an international candidate and name generation firm, and K. Russo Consulting, an executive search and human resources consulting firm. Think BlackBerry being eclipsed by other smartphones that followed. “Sometimes, it is better to sit back and learn from others before jumping in,” she said. Leer más “Got a Good Business Idea? Here’s How You’ll Know”

The Future of College Recruiting Will be Dominated by Market Research (Part 1 of 2)

The current lull in college recruiting is an opportune time to evaluate new strategies and tools. It is no secret that the vast majority of organizations that recruit from college campuses globally do so tactically, employing little or no strategy. To even the casual observer, the approaches used are predictable, pedestrian, and in some cases laughable, but all of that is about to change.

From the vantage point of someone who has been involved in college recruiting for more than 40 years, either representing a corporation or a university, it is clear that we are approaching a strategic inflection point with regard to the amount of strategy supporting college recruiting.

As that inflection point approaches, there are several dramatic changes that you should anticipate, including:

* The growth of social media (already demonstrating significant impact), opens up hundreds of new communication channels, allowing organizations to present highly targeted messages to highly targeted prospect segments and to cultivate relationships with top talent throughout their academic careers.
* The growth in acceptance of and access to video communication equipment will make it possible for organizations to decrease the use of campus visits and embrace “remote college recruiting.” This societal change comes just as more universities embrace virtual classrooms that allow students to participate in courses without being physically present. Costs will drop, organizations will be able to expand the number of colleges mined for talent, and everyone involved will save time.
* The globalization of work will force organizations to embrace unified global sourcing. While most organizations today continue to recruit geographically, as work becomes more distributed and global universities refine their emphasis and establish stronger industrial ties (Petronas University of Technology for example), organizations will have no choice but to tap the global market to recruit the high volume of graduates with specialized skills needed.
* The “businessization” of university recruiting will require more strategic, longer-term programs to manage complex situations. Due to the dramatic growth of for-profit universities and ongoing economic pressures on public institutions, many educational programs today have direct ties to established corporations that enable benefactors closer access to top students. Cultivating a relationship with said students in such environments will require college recruiting functions to become more business-like, i.e. guided by strategy, empowered with real-time information and relationship-management tools, and world-class opportunities (think of jobs as products) to take to students.

All of the changes highlighted above point to a demand for the college recruiting function to migrate away from being a game of chance to a more serious function that embraces cutting-edge marketing and sales tactics to deliver specific students to the organization. The modern arsenal of tools needed will include CRM (customer relationship management) systems and highly segmented branding informed by robust market research.


by Dr. John Sullivan | //ere.net

The current lull in college recruiting is an opportune time to evaluate new strategies and tools. It is no secret that the vast majority of organizations that recruit from college campuses globally do so tactically, employing little or no strategy. To even the casual observer, the approaches used are predictable, pedestrian, and in some cases laughable, but all of that is about to change.

From the vantage point of someone who has been involved in college recruiting for more than 40 years, either representing a corporation or a university, it is clear that we are approaching a strategic inflection point with regard to the amount of strategy supporting college recruiting.

As that inflection point approaches, there are several dramatic changes that you should anticipate, including:

  • The growth of social media (already demonstrating significant impact), opens up hundreds of new communication channels, allowing organizations to present highly targeted messages to highly targeted prospect segments and to cultivate relationships with top talent throughout their academic careers.
  • The growth in acceptance of and access to video communication equipment will make it possible for organizations to decrease the use of campus visits and embrace “remote college recruiting.” This societal change comes just as more universities embrace virtual classrooms that allow students to participate in courses without being physically present. Costs will drop, organizations will be able to expand the number of colleges mined for talent, and everyone involved will save time.
  • The globalization of work will force organizations to embrace unified global sourcing. While most organizations today continue to recruit geographically, as work becomes more distributed and global universities refine their emphasis and establish stronger industrial ties (Petronas University of Technology for example), organizations will have no choice but to tap the global market to recruit the high volume of graduates with specialized skills needed.
  • The “businessization” of university recruiting will require more strategic, longer-term programs to manage complex situations. Due to the dramatic growth of for-profit universities and ongoing economic pressures on public institutions, many educational programs today have direct ties to established corporations that enable benefactors closer access to top students. Cultivating a relationship with said students in such environments will require college recruiting functions to become more business-like, i.e. guided by strategy, empowered with real-time information and relationship-management tools, and world-class opportunities (think of jobs as products) to take to students.

All of the changes highlighted above point to a demand for the college recruiting function to migrate away from being a game of chance to a more serious function that embraces cutting-edge marketing and sales tactics to deliver specific students to the organization. The modern arsenal of tools needed will include CRM (customer relationship management) systems and highly segmented branding informed by robust market research. Leer más “The Future of College Recruiting Will be Dominated by Market Research (Part 1 of 2)”