Absolutely. My friend and I wanted to quit & run a business. We kept discussing about different ideas over a period of time and then just decided to quit & get

Absolutely. My friend and I wanted to quit & run a business. We kept discussing about different ideas over a period of time and then just decided to quit & get started. Looking back, it was so naive to have written a few business plans, waiting for that 'unique' idea to come up. I would say, talk to 50 folks (potential customers) about a problem. See if they acknowledge the pain and if they would pay for it to be solved. Try to put a number to solve that problem - how much would it cost (direct or indirect) them without that solution and just build it. Does not matter whether competitors out there are already building it. Every business would take its own course based on customer feedback and no two businesses' vision will be the same over the years.