BUSINESS TIPS:How do develop great ideas for your business

You have been wondering how to get on the go with that business idea that you think would turn into your dream business. Whether you are starting it to earn a living from it, or as a future side income, you still need to evaluate yourself.

You have been wondering how to get on the go with that business idea that you think would turn into your dream business. Whether you are starting it to earn a living from it, or as a future side income, you still need to evaluate yourself.

 First how prepared you are, qualities you have to manage that business and most importantly the kind of business you want to engage in. It is worth talking when you clearly know whether you want to deal in a product business or a service business. Then look at both your strengths and weaknesses, try to capitalise on your strengths as you try to create solutions to weaknesses, but never ignore them.

Try to look at what you have rather than planning what you don’t have.

For example, you need not go for a business that needs much capital or that needs a lot of expertise when you actually know you don’t have enough to run it; that idea is not worth your venture.

Again assess yourself before starting the business; are you the pioneer, are you looking at a business for your employment, do you feel you want to venture into business, or you have invented a new product that you feel the society demands?

All these will help position you especially on how you will run your business, market it and also looking at your target group. A person starting up a new product may not need so much innovation in marketing than that one that is providing a product similar to those already on the market.

Similarly, look at your education capabilities in the business you are going to start, this looks like it may not convince you since you have heard school dropouts succeeding in businesses. Right, they do but not in areas where their expertise is limited. So, the right business is done after assessing your capabilities. It would for instance be an uphill task for a school dropout to start a consultancy firm or marketing executive starting a pharmacy, expecting to employ pharmacist. Well, it may happen but try to check your capital against your expectations.

To make it simple for any business to start, find out whether you have the right technical knowledge for the business, any idea on business related issues.

Ask yourself, do I have enough finance to run the business, what other sources of funding do I have access to? And think of how you can run that business without external support.

It is profitable also to consider the support you have from friends, family or your neighbourhood because those ones will be your clients in crisis, they can consume your product or service even when they were not willing to.

It would also be important to see whether you have talent in the business you are starting, your interests, consider people’s preferences and choices.

Always remember that all this will be possible depending on how much you have prepared ,your attitude, interests, financial ability and the ability to allocate a lot of time on your dream business as the Chinese proverb says, “He that is prepared has half won the battle”  so should you.

 

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