A potential Entrepreneur inclined to enter into a business of his own faces the challenge of choosing a project. For a layman every idea seems to be a viable one or every idea appears to be unviable. It is but natural one oscillates between ideas before making a decision. A business starts with visualization of a successful IDEA in the first instance. Idea is the first step all others such as, business model preparation and business plan preparation and fund raising etc. come only next. Therefore, obviously there lies the question how to finalise an idea of business.
Prodigals find ideas and become successful or make their ideas successful. For ordinary people this does not happen. Let us venture to think some ways and means of finalizing a business/project idea.
Basically a business opportunity exists in the gap between demand and supply. Where there is demand for a product which is not adequately supplied with, the opportunity for a business exists. Persons with innovative ideas develop products of innovation and create demand which leads to business for that product. In the existing scenario of noise producing mixers an innovative noiseless mixer becomes a good business. An entrepreneur who comes with such an innovative product creates demand for his product. Innovation, or value addition of existing products creates demand and necessitates supply leading to a business idea. Innovation or value addition is nothing but ease of doing a job. A customer engaged in a job faces a problem which is a pain. A pain relief is an idea which when commercialized becomes a business. Therefore, a business idea lies in a pain or problem and an ideation process starts with identifying the problems of his customers. If an entrepreneur can address the problem with a product of his own his business idea is ready.
A process or method can help in idea generation. Prepare a list of pain points in a day’s routine for about a week. A visit to the entire list will prompt you to find out a relief or solution to any of the pains or problems. The relief or solution when visualized as a product for sale gives you an idea of a business. If a problem exists in an area for good food the relief comes in good restaurant idea. Supply of fresh vegetables at the doors of household at the dawn of everyday relieves the pain of refrigerated vegetables. A laundry which does pick up and delivery of washed and ironed dress resolves the issue of everyday’s washing problem. The pain of noise pollution is resolved by production of noiseless fan. It is said an entrepreneur finds an opportunity in every problem.
You may also access internet to find out good business idea. Business ideas are available in googlplay at www.small business ideas.com. Friends, relatives and other sources may also help you in identifying an idea for a business. Your passion, your specialization, your location, your family background and your financial background are factors based on which you have to decide a business idea. It must be borne in mind that idea should be that of entrepreneur. A third person can never choose a business for you.
Thus, idea generation and product selection is the very first step for an entrepreneur who wants to start a business of his own.