A major American financial company called Paine Webber created a list of elements for the ideal business.
1. The Ideal Business sells the world rather than a single neighborhood or even a single city or single state. In other words, it has an unlimited global market.
2. 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.
3. 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.
4. The Ideal Business has minimal labor requirements. The fewer personnel, the better.
5. 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.
6. 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.
7. The Ideal Business enjoys cash billing. In other words, it does not tie up your capital with lengthy or complex credit terms.
8. The Ideal Business is relatively free of all kinds of government regulations or structures.
9. The Ideal Business is portable or easily moveable. This means you can take your business and yourself anywhere you want to.
10. The Ideal Business satisfies your intellectual needs. There is nothing like being fascinated with what you do.
11. 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.
12. The Ideal Business is one in which your income is not limited by your personal output. In the Ideal Business, you can sell to 10,000 customers as easily as you can one.