It is great if you are fortunate enough to be the first person to think of a good business idea; although, you can’t prove its worthiness without testing it. There is a certain element of risk involved due to the cost and time spent experimenting, which can be avoided by borrowing the best ideas already in the public domain. And those ‘best’ ideas are all around you.
If you study what others are doing, you can discover a great business area that interests you and is generally profitable. Apply that same model to another geographic market when possible since you are better off not trying to beat your competitors at their own game and in their own market until you are very polished.
Once you have stabilized this model in the new market, by breaking even or matching ordinary industry profit levels, you can then begin to improve each of the parts independently while continuing to take the best new ideas from across your industry.
