In the opinion of organisational
experts, when one is thinking about a business idea, the first thing to think
about is one’s passion. Can one’s passion become a money spinning venture?
Attending business seminars and getting to discuss with small business experts
can also help in fine-tuning one’s ideas.
According to an article on
business proposals. Small-businessmarketinginfo.com, coming up with small
business ideas may not be as tasking as making the same idea practical. It
adds, “however, this is not to say that one should not come up with viable
ideas or should rely on being employed by other people. There are so many
business people who have put up enterprises and are doing well, though they
will admit that it was not all that easy in the first place.
It explains that for viable business
ideas, one has to carefully analyse the market trends, compare demand versus
supply and determine just how much competition one is like to face, be it from
other small ventures or big enterprises. One needs to examine its own
compatibility with those ideas, it advises.
According to it, that is to say
in other words that, a prospective entrepreneur needs to check to see if he has
the skills or talent required in that venture. It adds, !people must be willing
to pay for the goods or services that you offer and if that is not the case,
then go back to your draft and see what changes need to be done. You,
therefore, need to be keen on current events. Keep an eye on what interests’
people. In fact, watch the news on a regular basis so that you can identify new
trends and fashions.
Your ideas do not have to be a
replica of what other people have been doing over the years. You can invest a
new service or product. This requires you to have a need assessment kind of
survey, which will help you detect where there are loopholes between needs. For
example, with the enhanced global aging concept with us now, how can you make
lives of the old people who are living much longer nowadays, more enjoyable?
To an investment analyst, Mr Seye
Adetunmbi, coming up with a good business idea is one thing but having the
wherewithal to consummate the vision is another thing. He says, ”Wherewithal in
this context may not be limited to start-up capital, the know-how and the
enabling environment. Therefore, one must be able to match the basic
prerequisites with what one has set out to accomplish.
He adds, “A good business idea
should be driven on fundamentals not limited to the followings;
- What am
I producing or going to produce or what services am I going to provide?
- Who are
going to be my client/customers? Are they substantial enough for me to
remain in business?
- Who are
my competitors?
- How
much capital do I have or would I have access to for the business to
take-off effectively? If I am going to resort to borrowing, will the
business returns be adequate to cover cost of fund and still leave
something for sustenance as a going concern?
- Is it
going to be a regulated business concern prone to vagaries or
inconsistency in government policy and what are the strategies in place to
migrate such risk when it arises?
Also, according to a writer on
ehow.com, one should subject his business idea to a SWOT analysis. The writer
asks, ”What are the (S)trengths?
What are the (W)eaknesses? What are
the (O)pportunities? What are the (T)hreats? Do this with each business
idea that you come up with.
According to the writer, an
empirical and unbiased analysis of these critical factors is the platform for
success in any business one goes into.
