Identifying an opportunity or spotting an idea is a great start. However, developing the idea into a viable product or service is
If you have ideas, you have the main asset you need, and there isnt any limit to what you can do with your business and your life. Ideas are any mans greatest assets." – Harvey S. Firestone.
A good new idea is often the basis for starting up a business. It usually starts with spotting a gap in the market and start a business that provides a product or service to fill it or come up with ways to improve an existing product.
Identifying an opportunity or spotting an idea is a great start. However, developing the idea into a viable product or service is a critical part of the process.
Unfortunately, there are those who become so consumed by their passionate desire to start a business that it clouds their judgement in making an informed decision on the idea worth pursuing.
It is not enough to fall in love with an idea and pursue it. Rather, it is necessary to assess how viable this business idea is. A viable business simply must be able to grow and be or become profitable over time and must also be able to transform itself, adapting to changing times and customer needs over its lifetime or for the foreseeable future.
Asking yourself few simple questions can make all the difference between succeeding and failing. For a business to be viable, it must have positive answers to the following basic questions:
Does my business idea meet a specific need?
Is it an answer to a specific question?
Is it a solution to a specific problem?
Can I offer something different from what may already be in existence?
Is what I want to offer going out of fashion, trend, or being taken over by new technology?
Is it a regulated business, and can I meet the requirements in a cost-effective way?
Can I produce the item or provide the service at a reasonable cost?
Can I put a price on my products or services?
Are people willing to pay for it?
Can I make a profit at the acceptable price or price people are willing to pay for my products or services?
Understanding the market and needs of customers and tailoring your products and services in meeting these needs is a great way forward.
With the subject of viability in mind, it is important to identify which business you want to start. You may start as a retail business, a wholesale business, a manufacturing business, or a service provider.
You will need to also define the subject of the business. That is, what you will sell. The final question to answer should be how you will sell the product or service.
The above is just an excerpt of my book that addresses - How Anyone Can Take Advantage Of The Current Economic Downturn.
Title: "THE BUSINESS YOU CAN START".
Sub-Title: "SPOTTING THE GREATEST OPPORTUNITIES IN THE ECONOMIC DOWNTURN".
You may please visit my website via the link below to preview the book, read more on the books description and ORDER your copy.
I hope the above has been help. You may please comment or ask a question. Thank you.