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Business stands as one of the most influential tools available to humanity, particularly in the context of interpersonal relations and the creation of enduring value. Its practical impact is evident in both the historical development of societies and the contemporary world we inhabit. Trade—especially international trade—has positively transformed lives across generations. Significant wealth has been generated through innovation, with business serving as the central mechanism that sustains and propels this momentum. It is, therefore, reasonable to assert that the advancement of humanity’s future is closely tied to the role of business.

Active and ethical participation in the business ecosystem is essential. Individuals engage with business in various capacities—whether as owners, co-owners, employees, suppliers, partners, or consumers. Governments, too, are key participants, notably as regulators and, in some cases, as partial or full owners of enterprises.

​As of 2023, global trade accounted for approximately 58.51% of the world's Gross Domestic Product (GDP). While comprehensive data for 2024 is not yet available, the World Trade Organization (WTO) projected in April 2024 that the volume of world merchandise trade would grow by 2.7% in 2024 and by 3.0% in 2025. Additionally, the International Monetary Fund (IMF) forecasted global GDP growth at market exchange rates to be around 3.2% for 2024. These projections suggest a modest increase in the trade-to-GDP ratio for 2024, but precise figures will depend on the actual economic outcomes and will be available once comprehensive data is collected and analyzed. A direct exemplification of the remarkable impact of the globalization of business.

Human nature makes it inherently easy for us to generate spontaneous ideas, many of which individuals aim to transform into businesses. However, the practical transition from an idea to a successful business is often complex and challenging. Many business departments invest billions of resources into research and development to navigate this process. For instance, in the fiscal year 2023, Apple allocated approximately $29.9 billion to research and development (R&D), marking a 13.96% increase from the previous year according to Macrotrends.

While people may possess numerous brilliant ideas—some of which, in isolation, might seem to hold immense value—turning an idea into a viable business requires consideration of a wide range of factors. These factors significantly influence the feasibility and success of a business idea. Some of the well-known influences include timing, infrastructure, political environment, capital availability, market demand, technical feasibility, domain knowledge, socio-cultural dynamics, evolving trends, execution strategies and many more. The list is virtually limitless, as influencing factors vary across industries and continuously evolve over time.

Given the vast number of possibilities that can limit the effectiveness of ideas, humans must still be able to pre-qualify ideas using their exposure and experience through a set of qualitative questions. These questions often take the form of theories or criteria that an idea must satisfy in order to be considered viable. Pre-qualification is essential, primarily to conserve valuable resources—especially time, which is irreplaceable.

This process is largely qualitative, relying on the idea owner's understanding of the business landscape. Examples of such qualifying questions include:

Can I satisfy the required regulations?

Will more than one generation patronize the business?

Is the product a necessity?

Is there an existing company offering a similar product?

Are competitors generating profit from similar offerings?

Are the target customers financially capable of paying for the product?

Is technology adoption in the industry above 10%?

How easy is it to acquire customers?

Is the idea in an industry that is growing at least 2% on average?

Does the idea fall in an industry with 10% profit margin?

One can develop dozens of such questions to critically assess and challenge the perceived brilliance or grandiosity of an idea before significant investments are made. 

The beauty of using a pre-qualification mechanism lies in its ability to help a business understand the rationale behind deciding for or against an idea. It also serves as a valuable record of the decision-making process—whether it led to pursuing or abandoning a particular concept. When a business idea proves successful, the established criteria can be reused or adapted to evaluate future ideas. However, it is important to note that the qualifying criteria for a successful idea may need to evolve over time. Nevertheless, it provides a solid starting point for evaluating ideas before committing any resources—whether soft (time, energy) or hard (financial, infrastructural).

Many business experts often argue that ideas are worth nothing and that execution is all that matters—a statement typically made in isolation or in academic settings by experts who may not have attempted to build a business themselves. In reality, you cannot successfully execute an idea that is fundamentally flawed; failure is inevitable. Repeatedly executing poor business ideas, driven by an obsession with perfecting execution alone, can eventually take a toll on the body, creative capacity, and psychological well-being and leave one demotivated. 

As the ideas have been appropriately scored based on the prequalification criteria—demonstrating their potential for further testing—it is now necessary to determine whether there is a real opportunity for the ideas to thrive or flourish within the context of the environment, infrastructure, economy, and other relevant factors.