Attributes

Attributes are like the building blocks for you to construct the business idea. It is not usual to jump straight to a business idea without thinking about the attributes first.

For instance, the attributes that can be considered in setting up StartBizUp are blog, website, startup, free, advertisements, community etc. In other words, one thinks about these attributes before deciding on a business idea to set up StartBizUp. It is possible to have a longer list of attributes than one needs for a business idea. However it would be very unusual if the business idea that you generate does not contain any of these attributes.

Suppose you are thinking of going into the pet supplies business. The attributes that goes through your mind may include things like pet food, pet accessories, pet medicine, online store, home delivery etc. In addition, there may be other attributes that crossed your mind such as pet grooming, pet hotel, pets etc. One way to decide is to only include attributes that you are comfortable with at this point in time. Nevertheless it is all right to include all the attributes that you can think of. One or more of these attributes may turn out to be the key to your successful startup.

Note that there are no good or bad attributes. For instance you may consider an attribute “free to customers” and say its good compared to the other attribute “low fee for customers”.  That is an incorrect way of looking at things. At the end of the day, your business idea has to generate sufficient revenue from the various income sources. If the selected attribute is “free to customers”, it means that you have to generate more revenue from other sources to make up for the shortfall to be contributed by customers. If on the other hand, you charge a low fee for customers, your shortfall in income is considerably lesser. This puts less pressure for you to generate revenue from advertisers, service providers etc.

 

Broadly, there are 2 groups of attributes. The first group relates to the specific business idea ie the product or service you intend to offer. Thus pet food is an attribute of the business idea to go into the pet supplies business. The second group of attributes is relatively general and likely to be applicable to many business ideas. An example is home delivery. Accepting orders through a smartphone app is another. Many would be entrepreneurs tend to think more about the product/service specific attributes. While that is good for a start, it is even better if you look at the big picture and look at attributes in the second group. This can lead to a breakthrough idea that nobody thought of.

Select the Attributes