How do I know if I have a good business idea?

To own a successful business requires first to determine whether your business idea has a chance to succeed. To get the answer, first you need to be willing to spend time to do research:

• The Industry: It is important to learn what specialized resources are available in your specific industry
• The Market: Big question: Is there a market for your product or service?
• The Financing: How much money will you invest? how much money do you need to start? What is your break even point?
• The Legal Aspects: What kind of entity should you have? Is there any potential legal liabilities involved with you product or services?
• Profitability: How much will everything cost? Will you work part time or full time in the business? How much money monthly do you need to live?