Many interesting business ideas are being generated by people who are business – minded on a daily basis, but your ideas must move from being interesting to being actionable. You have big dreams; how are you going to break it down into small sizeable chunks that you can implement where you are, with what you have right now? Your idea doesn’t have to be the biggest, brightest, milestone type of idea. It doesn’t have to be life – changing, legendary proportion. It has to be one that stretches your faith a little. Most businesses know where built on faith, hope and determination.
1. Be specific about the arena in which you are going to compete. You idea may require you to become part of the world of science, entertainment, politics, religion, sport or commerce. Most people’s undoing is their brilliance because they think of a lot of ideas they do not zero in on one, stick to it until it brings intended results.
2. Think through the product, service or professional service you would like to offer. Decide what your product is going be and what you are going to do to ensure that you make it available to the public by a certain date.
3. Before you develop a new product you need to do research to ascertain the extent of the need for your sort of product, the type of target customer group and the availability of a sufficient few to make it viable.
4. Determine the resources that you need to turn your idea into a reality. You may not have all the money you need; therefore you might have to be prepared to find a partner who will help you with your business in terms of specialized skills or access to capital.
5. Yes your idea may be brilliant, but can you come up with a business model that answers the question, “How do we make money?” I am against business ideas that are a high – sounding nothing in terms of their ability to create value for the owner and other interested party.
6. When you have come up with the business model create a strategic plan, which is a walking – path of the activities that you are going to do until you are able to launch the new venture.
Most people are not prepared to start small with success. You might be dreaming of owning a new big, supermarket chain. Are you willing to start with a smaller shop in a familiar neighborhood or shopping centre? If you do not have the financial muscle and the connections to make it, it might be wise to offer yourself as a consultant or volunteer to an organization which will expose you to the right environment.