- “The Ideal Business sells the world rather than a single neighborhood. In other words, it has an unlimited global market.
- The Ideal Business offers a product, which enjoys an inelastic demand. (inelastic refers to a product that people need or desire almost at any price.)
- The Ideal Business markets a product that cannot be easily copied. This means that the product is an original or, at least, it is something that can be copyrighted or patented.
- The Ideal Business has minimal labor requirements. The fewer personnel, the better.
- The Ideal Business operates on a low overhead. It does not need an expensive location. It does not need large amounts of electricity, or advertising, or legal advice, or high-priced employees, or a large inventory.
- The Ideal Business does not require big cash outlays or major investments in equipment or product. In other words, it does not tie up your capital.
- The Ideal Business is relatively free of all kinds of government regulations or restrictions.
- The Ideal Business is portable or easily moveable. This means you can take your business and yourself anywhere you want to.
- The Ideal Business satisfies your intellectual needs. There is nothing like being fascinated with what you do.
- The Ideal Business leaves you with free time. In other words, it doesn’t require your labor and attention 12, 16, or 18 hours a day.
- The Ideal Business is one in which your income is not limited by your personal output (Leverage). In the Ideal-Business, you can have 10,000 customers as easily as you can one.”
Source: Paine Webber
Ideal Business additions I received from readers / followers:
- unexpected service
- easy to use
- authentic / products with a story
- crowdsourced / social / community
- access is more important than ownership