By Opeoluwa Runsewe
Nothing excites me more than meeting fellow vibrant young people bursting with so many brilliant ideas “Ideas rule the world.”
unfortunately I’ve realized majority of these ideas often shared with me are not business opportunities. Many people who strongly believe in their ideas pay no attention to identifying the business prospect. They have no FEASIBILITY STUDY to identify business opportunity,no MARKET SURVEY or in depth knowledge of the industry and no BUSINESS plan to outline the strategies or financial projections.
What is worse than having no idea atall ,is having a brilliant one just to never see it come to light.
Got a great idea? Great! Firstly you need to address the following issues;
IS THERE A MARKET FOR THIS IDEA ? – you have to be solving an existing problem or enhancing an already established product or process. The external environment also has to be conducive for this idea .Weigh The technological factors, the socio-cultural values of the people, the economic state of the region.
MAP OUT YOUR CHANNEL OF REVENUE- how do I plan on making revenue from implementing this idea? Forecast your expected expense and revenue. Does it look profitable ? What is the payback period in your capital?
Moderate expenses ,high revenue ? Great opportunity .
COMPETITION AND SUBSTITUTES
Competitive advantage is the major determinant of business failure or success. You need to “benchmark” study the industry leaders closely and learn from them. Is the completion in the industry aggressive? Is the market mature,booming or declining ? How can you capitalize on their loopholes to create a unique position and gain market share.
RESOURCES AND CAPABILITY:
A great plan is worthless if you can’t do it. Ask yourself ,Do I have the resources ,skills,knowledge or workforce ? If SO, how do I allocate them? Do I invest gradually to test the market or do I go all out? If NOT, the earlier you started seeking resources the higher the chances of implementing your idea .
Only after these can you clearly answer; where do I want to go with my idea? How will I get there? Can I get there?
Then you have a business opportunity not a mere idea. “Be a doer not a talker.” best of luck
Read more from this writer at: http://www.opeoluwarunsewe.com