Finding the right business idea that suits you
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You have a great idea for a business and want to start. Where do you start?.
Many first-time entrepreneurs think they need a business idea that is original to succeed. Nothing is further from the truth, below is a
a few things you should keep in mind when thinking about your next business idea.
1. The idea must be timely, i.e it should appear at the right time and stay within a certain period of time, which means that there must be customers who demand the product or service and that the need is sustained over the medium term , because if they only meet the short term it will b hard transformed into viable business.
2 . The idea of your product or service must provide value to potential customers, since otherwise it is very difficult to displace competition in the market. The idea would offer something new in the sense of improving the existing, or to satisfy customers with different service that gives them greater satisfaction, or to put it another way, it must give them a higher added value.
3 . The market segment you are targeting should have a size that can make you money.
4 . Creativity is important,you should should conduct brainstorming session so that only the best busiess idea survive.
6 . Self motivation is necessary if you are to have an entrepreneurial spirit, you must have real desire to take the business idea forward and you should always believe in yourself.
How to Brainstorm your next business idea
- Analyse the market. If the environment in which you want to operate in is continually changing, you should pay particular attention to the behavior of individual consumers and groups, their desires, tastes, and ultimately the satisfaction of their needs .
- Analysis of existing businesses, participating in seminars, conferences, Look for ways to improve existing processes for example, manufacturing, distribution, production, promotion, after-sales services.
- Find new business ideas by reading publications, case studies, statistics, ratios, journals, articles even economic data.
- Think of how you can improve everyday things:
- Think about what products or services not available in my area of residence
- What can't I afford due to its high cost and can I bring the same product to market but cheaper?
- Are there products and services that is sold that has dual function?, Can I create a demand for that product?