Many entrepreneurs have good ideas, but a good idea does not make a business. If you don’t have the capacity to act and execute on your ideas, then you don’t have a business; you probably have a hobby.
Many people think that having a great idea is the most important part of being an entrepreneur. In reality, turning an idea into a business is very different to nurturing a hobby that gives you joy in your spare time.
To successfully compete in the Blue Ocean High School Entrepreneur Pitch Competition your innovative idea has to have a potential of becoming a business.
What is the Difference Between a Business and a Hobby
If you’re serious about building a business, you first need to understand the key differences between a hobby and a business.
A business is something you would:
- do on a full-time basis
- want to hire others to help you build
- need to make profitable or self-supportive
- keep formal records and file tax returns on
- get others to invest in
- need a formal sales plan to support
- have a formal website for
- have formal customers for
- expect to appreciate in value
- gain recognition for as an expert in the field
Hobbies, on the other hand, are interests or activities that you may do in your spare time; things that do not have a large market opportunity; things where you may simply work by yourself instead of thinking about how to scale the idea; or things that would never sustain you or support you financially.
Understanding the difference between a hobby and a business is important when you work on your pitch.
Every year the Blue Ocean High School Entrepreneur Pitch Competition is looking for the best idea that has the highest business potential.
When the judging panel reviews your submission, one of the things they will quickly determine is whether the idea is a business or a hobby. The judges are looking for unique ideas that are both implementable and big enough to be self-sustainable. If judges see multiple pitches on the same idea with the same points of differentiation, then the idea is unlikely to win.
So while we accept pitches that may be hobbies, judges prefer true business ideas.
Do you have a unique business idea that you want to share with the world?
The Blue Ocean High School Entrepreneur Pitch Competition helps you in the process of developing your idea. There are many resources to help guide you through the process. One of the them is the online Blue Ocean Mini-Course that will help you understand whether your idea has a potential to become a business.
Register Here for the competition, take our online Blue Ocean Mini-Course, and learn how to make your idea stand out from the crowd.