•What is the idea?
•Where did that idea come from?
•What is new about it?
•Who will patronize it?
•Can it make money?
•How will it make money?
•What is its duration?
Every entrepreneurial minded person is confronted with numerous ideas, quite very often. Some of these ideas are very significant, while some of them are quite foolish looking and on the surface level do not look they will pass the test of time. But the real thing about ideas is that you never know how they will work out now matter how foolish they appear to be. There could something in them, and unless they are tested how will you know they wont work? A woman is traveling with her baby and decides she wants to take a pram along. Because the airline is unwilling to take the pram in its standing state, she moves to detach it into bits and straps it to her luggage. At the departure hall, she has other mothers gasping and oohing over her "new" collapsible pram and asking her where she got it from. A man who has worked for several years at a company gets tired of earning a salary and decides he wants to sell peanuts for a living! The only thing is, he has decided to flavor his peanuts and make them a little different from the run of the mill. A fashion designer takes one look at padded clothing sold at a market in Europe and decides that she would change the shape of women who long to look good in their clothes by padding up special places like the shoulders, bossom, and backside. Instantly her requests for such clothes grow. A millionaire is stranded at an airport after a commercial flight cancels bookings to remote place in the Americas, he discovers from passenger chatter that he is not the only one that is stranded. After listening to the chatter for about thirty minutes he gets piece of cardboard, writes a destination sign and asks people to queue up if they are interested in flying. Eventually he charters a plane and gets his passengers on board, a month later he is starting an airline. What prompts an idea? Mostly it is a problem that is needs to be solved! Where do ideas come from? All around us, basically! The numerous problems around us should be seen by true entrepreneurs, as an opportunity to do business. Solving these problems in a way we can be paid to do so is what should be the business element.
Every business idea product or service should have something new about it. Often we are tempted to quote the scripture: is anything new under the sun? Truly there is nothing that is completely or totally new. But it is important for budding entrepreneurs or people who are going into a business that is already in existence to be able to innovate or modernize aspects of it, making it more attractive to the person who would like to buy or patronize.
We have to be able to answer the important question: Can it make money? Sometimes as human beings we are carried away by our passions and forget that our emotions should not be in the way when we are making business decisions. Solving a problem is one thing, but making money out of it is also important if what we are engaging in is business. We also have to try to find out who would want to patronize the business. It is important that even before we set it up, we look for a need. We ought to be able to determine who would be willing to pay us for the product we are producing and why?
Once we have answered all these questions and we can truly give answers based on the research we have done, then, the next thing is too find a way to roll out the business without hesitation. Ideas are two a penny everywhere. Everyone has ideas, but not everyone has the fortitude to carry them out and translate them into businesses.
If we can answer these questions, then one final and important thing has to be done before we actually roll out the business. We have to be able to test the waters. Look closely at the business process as it were, and determine if it will work. Make sure that every part of the business would go hitch free. If you are manufacturing a product, you would have to look at things like supply of raw materials, the stages of production and the quality of the finished product. The shorter the chain of production, the better it is for you. Finally, you have to know for sure that there is a market out there for your product or service: who will patronize it? The answers to all of these will help you to move from idea to business with little or no challenges along the way.Sometimes the business would be tied to a certain period of time. Some businesses would have a life span based on a government policy, events they are tied to or supply of the raw material. These would help us determine the duration of the business. So it could be a life long business in terms of a product that the public would like to purchase forever or a short term product or service.
Every business idea product or service should have something new about it. Often we are tempted to quote the scripture: is anything new under the sun? Truly there is nothing that is completely or totally new. But it is important for budding entrepreneurs or people who are going into a business that is already in existence to be able to innovate or modernize aspects of it, making it more attractive to the person who would like to buy or patronize.
We have to be able to answer the important question: Can it make money? Sometimes as human beings we are carried away by our passions and forget that our emotions should not be in the way when we are making business decisions. Solving a problem is one thing, but making money out of it is also important if what we are engaging in is business. We also have to try to find out who would want to patronize the business. It is important that even before we set it up, we look for a need. We ought to be able to determine who would be willing to pay us for the product we are producing and why?
Once we have answered all these questions and we can truly give answers based on the research we have done, then, the next thing is too find a way to roll out the business without hesitation. Ideas are two a penny everywhere. Everyone has ideas, but not everyone has the fortitude to carry them out and translate them into businesses.
If we can answer these questions, then one final and important thing has to be done before we actually roll out the business. We have to be able to test the waters. Look closely at the business process as it were, and determine if it will work. Make sure that every part of the business would go hitch free. If you are manufacturing a product, you would have to look at things like supply of raw materials, the stages of production and the quality of the finished product. The shorter the chain of production, the better it is for you. Finally, you have to know for sure that there is a market out there for your product or service: who will patronize it? The answers to all of these will help you to move from idea to business with little or no challenges along the way.Sometimes the business would be tied to a certain period of time. Some businesses would have a life span based on a government policy, events they are tied to or supply of the raw material. These would help us determine the duration of the business. So it could be a life long business in terms of a product that the public would like to purchase forever or a short term product or service.
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