A good number of entrepreneurs today don’t do more than duplicating the idea of another person. Not many people are thinking and coming up with new things or new ways of solving old problems. Look around and what you see everywhere is just the same. Whereas, there are so many needs no one is meeting. For you to set up a powerful business, begin with a great business idea. The following are some elements of a great business idea.
It Is Built Around Passion
Most of the successful businesses today, the Microsoft, Facebook, Ford, McDonalds, Dangote, etc. are built around the passion of someone. It was passion that made Bill Gates leave Harvard to work on Microsoft.
People are passionate about different things - education, entertainment, writing, show-biz, good food, fashion, automobile, health care, machines, farming, and so on. Passion is what someone cares so much about. When your business idea falls short of this, you won’t easily hang on when the challenges come and you won’t give it all you got to see it succeed. Look in and out of your deep-seated passions and come up with a business idea.
It Addresses A Serious Need
When a business idea is conceived to meet a serious need in the market, it is bound to give birth to a viable business. Needs could be goods or services lacking in a market or present but insufficient or in low quality, and so unable to satisfy the market.
In every market there are needs. However, lazy entrepreneurs will hardly see those things that are lacking. They will easily see the things that are present and then try to make them be in abundance. After all, it is always easier to see the things that meet the eyes than the ones that meet the mind. But it makes no sense to keep doing what others are doing, except when you do it with a big difference.
It Is Profitable
Business is profit-making. You are not doing business, when you are not making profit. There is a difference between a charity organization and a business. If you want to set up a charity organization, let it be clear from the beginning. But I guess you are in for business, reason why you are reading this post.
Your business idea makes no sense to me when I cannot see how it will bring profit. It is normal that most businesses will not make much profit at the beginning but eve at that, it should have great potentials to bring in much profit not too long from the time the business kicks off.
You can know if your business idea is profitable by deeply studying the potential customers, what they want, what they have, what they will be willing to pay for what you have and how often they will need what you have. Read my post titled “Six Things You Must Know About Your Target Customers” You can also study the market situation of close substitute goods/services and compare with yours.
It Targets A Large And Viable Market
The market size that you will be sharing with your competitors or those of close substitute goods and services, count a lot. Your business idea will not be a good one if the potential customers are a small group of persons. Worst still when you are targeting a market that is large but having so many close substitute goods competing for market share, you will have a lot to do, to make a difference.
Let your business idea target a large market and at the same time be unique in such a way as to easily gain substantial market share. You can only be sure about this when you talk about the idea to potential customers and get to know what they think, while fine-tuning the idea.
It Has A Unique Style
Your business idea needs to have some touches of uniqueness. You need to have your signature on it. It is the uniqueness of your idea that makes it difficult for a competitor to copy what you do.
As you think through your business idea, spice it up with different things that will give your idea so much uniqueness. Your uniqueness could be revealed in the style of your services, the unique feel that the customers get when they come to you, the presentation of the business, the taste of your products, etc. Let people ask you why your own is different.
It Is Easy To Reproduce
Right from the conception of your business idea, it is important to look at how easy it will be to reproduce different businesses from the idea when the time comes. Your goods and services will be duplicated on a daily basis and so must be easy to duplicate and maintain the standards while reducing the cost. Normally, if the idea is well conceived, you should gain much expertise repeating the same thing over and over and by so doing, lowering cost of production.
You may also want to open other stations in other places and so you must be able to set up the same thing or at least something similar, so that you don’t confuse your customers about who you are, what you offer and the quality of your services.
It Is Clear And Easy To Communicate
Have you tried to share an idea with someone and you realize they never get to understand you? The problem could be with them as well as it could be with you.
The business idea is conceived by you but may soon be owned by many people as you get them involved in the business. For these people (shareholders, staff, investors) to effectively contribute to the business success, they need to fully understand and buy the idea. Their understanding of the idea is largely dependent on whether it is easy to communicate the idea to them in a way that is clear and capable of winning their interest.
Some ideas fail because it is hard for others to connect to it. Is your business idea easy to communicate to even to a business novice? Such an idea will easily thrive.
Think again about your idea in line with the above points and be sure it is a great one. Please make your comments below.
By Kadzem Claude
Thanks so much for all the rich articles. God is your strength.
ReplyDeleteYou are welcomed
Delete