One simple tip for refining your business concept

Jesse Lipson offers advice to entrepreneurs considering business ideas in his post today — and it happens to echo some smart fashion advice.

“My wife told me this common rule of thumb in fashion: before you walk out the door, take off the last accessory that you put on,” he writes. “That extra bracelet or ring or necklace that you added to your outfit is probably not necessary; your outfit will look better if you undo that last step.”

Lipson says the same rule of thumb applies when you’re evaluating a business concept. Taking off the last layer of detail from a business idea, he says, can help you focus on the problem you’re trying to solve — and see whether another solution might be better.

“Going up a level of abstraction forces you to identify the core challenge and think creatively about all the ways it can be addressed,” he says. “Your idea may be one solution, but until you’ve considered the challenge from all perspectives and tested your ideas in the market, you won’t know whether it’s the best solution.”

Read the full story here and follow Lipson’s column at