Coming up with a practical business concept often requires more than just a brainwave. Budding entrepreneurs can get so excited about getting a bright idea and imagining the possibilities, they forget to take a practical approach. So before deciding to launch yourself into the world of business, here’s 5 tips on how to get your entrepreneurial gears engaged and shape up that start-up concept. A really well thought idea will go a long way in helping clear the path for future business success.
1. Look to the marketplace
Being an entrepreneur is all about understanding the world around you. It’s about perceiving a situation and identifying where you can make a contribution. Take notice of the small businesses in your local area. Consider which businesses are growing and which are slowing down. Really try to examine the business trends in your local marketplace. Perhaps try to determine what services your community still needs that are not being met. See if you can fill these gaps in the market by offering a service which is not yet provided.
2. Start small
To be an entrepreneur does not necessarily mean that you need to invent something entirely new. Your entrepreneurial idea does not need to be extravagant or even excellent. Some of the best business ideas are remarkably simple. Entrepreneurship is sometimes more about harnessing skills that you already have and tapping into a market that already exists rather than re-inventing the wheel. If your business idea fulfills a need, there’s more chance it will be effective.
3. Know yourself
Consider yourself as a central part of the business idea. What skills do you have to make it a success? What skills do you need to build on? To really grow a business idea into a business opportunity it is necessary to bear your personality traits and desires in mind. If you think of a business concept that could succeed but can’t imagine yourself in that line of business, maybe think again. Do something that you enjoy and that suits your value system. Why not turn your passion into a business? Many successful entrepreneurs followed their hearts all the way to accomplishment.
4. Ask and Find out: Research
Go out and find some more information about your business idea. You can gather information from so many sources;
• Go online and research your topic using keywords
• Find out from a government agency or an NGO
• Ask people currently in the industry
Research is an invaluable means of determining the opportunities present for your business idea. Through accessing information you will get a better sense of your idea and a gain a better understanding of its potential. A good way to start may be to create a list of questions and set off with a plan to get them answered.
5. Brainstorm it
Why not ask your friends or those close to you what they think about your idea. A great way to see how well you’ve thought it through is to describe it to someone else. Discussing and talking about your idea may fuel other ideas and find you some business partners along the way.
6. Test it out
Before heading to the bank to find capital, try and test your idea in the marketplace. Select a sample of people in your target market to ask whether they would be interested in your product/services. Think smart – would you be interested in your own product/service? This may be a good way to check if you’re on the right track.
Remember great ideas come with a great plan. Envision each step of the way and get your research down. With a well thought out business idea you have a better chance of developing an opportunity and becoming a successful entrepreneur.
Adopted from the Africa Report