Do You Want to Create an Excellent Idea for Your Business?

An excellent Idea will make you a successful businessman if you properly converted it as a business. Sometimes you have no clear clarity about the idea, then you never start the business. You need to take some serious approach to your conversion of an idea into a business. You can make decent money (profit) and enjoy your life like as own boss and financial freedom but be conscious about the development of mindset for the achievement. 

Do You Want to Become Your Boss? 

Think about excellent ideas with the help of your brain. Once you have created an idea, then you can prepare some of the steps for transforming that idea as a business. If it is a small idea, initially convert it as a hobby, then business that is safe. Well, anybody wants to think an idea, then some of the questions must think accordingly:

  • Where can I get a new idea?
  • How to develop new ideas?
  • How to choose the best idea among ideas?
  • How to come up with new idea?
  • Simple answer- ‘using your brain’

There are a lot of questions in our mind, nothing worries about that but we can say that a person would like to start a firm for getting financial freedom. They would take responsibilities for facing the obstacles and overcome all the problems coming into the business. Corona virus hit badly on small business all over the world except some of the production units like Hand Sanitizer and Mask

Do you want to become an opportunist? You can start the above production units now, otherwise, leave it.

Moreover, if you have a passion to do a business, you don’t feel it might be a challenge…

‘Business’, that is one of the best solutions for reducing the unemployment in societal perspective and enjoy independence in your life… awesome. Make a good model for your business that is useful for making a profit as well as the solution to the problem in our contemporary environment.

Where do you get a new idea?

 An idea can be created through our surroundings. Identify a problem neither minor or major then think about the solution that is your idea. Most of the failed business people could not identify proper problem as well as solutions. One of my friends has started a retail shop in our place. He had invested a huge amount in setting a retail outlet. But he was not bothered about marketing activities through social media, mobile marketing etc. The technological gap that is the biggest problem which we had observed in his case.

Steps for creating an idea:

 Knowledge accumulation thorough investigation like reading with various business-related news, books, discuss with experts, travel to new places, professional meeting and seminars. Jot the points in a dairy that is part of creativity. If you want to start a business in the food industry, then you read about the industry, organizations, strategies and activities. It will help you to identify the gap in that business and in creating good marketing strategies for your business too.

The creative person thinking about the various ideas in a detailed way, and choose one idea from the alternatives. You can think about the competitors and their activities with the help of their websites and publications before taking the sound decisions.

Convert the idea into a hobby. It is not easy, if you want to start a business, you must have a passion for the particular idea. Why you choose particular field?... because of your passion that confidence you must have.

The last stage is the analysis of the opportunities of the current hobby which you intend to convert as a business. If you are confident, then you think about the various steps of your business.

 A creative Exercise

We have two sides in our brain that are left and right. The left side is the conscious mind that is responsible for judging self-monitoring and internal dialogue. The right side is the subconscious mind which is responsible for generating creative ideas. Allow your mind to think of innovations or good ideas. The subconscious mind works for you (24/7) or trying to solve the problems. If you are sleeping, your subconscious mind works even more productively than in your day time. Various areas in our day to day life can be selected for thinking about the products as well as services. Jot it down each idea in a book and think about the practicability of the business success of the ideas which depends on your experience, knowledge and dreams. The right brain is millions of times faster than the left logical brain and is responsible for generating creative and original ideas.

Identify new features, benefits of the existing products and services are incremental innovations, but think a new product like a computer, internet and driver less car are radical innovations, both are important for the success.

Important Tasks While Thinking about a Business

Most important tasks are in business is exploring the opportunities, Most of the business people, have a confusion about the identification of opportunities.

Identifying the opportunities

Well, this is the time for the opportunity of the business. You should identify your customers in our world. Viability of your business model is an inevitable part of success. SWOT analysis is a good tool for identifying the strength, weakness, opportunities and threat for your business in the competitive environment.

Planning

The Breakeven point of your business, Probably, it might be two to three years or more. There are different stepping stone of your investment and utilisation of resources. During your planning, must include all the activities such as marketing, finance, production, HRM and service activities and strategies. Then, you can develop the value proposition of your product/services for your organization.

Grabbing the opportunity

Once you have identified the opportunities, the next stage is grabbing the opportunities. Don’t waste time. Acquiring confidence is significant for doing the business as well as to the success of a business. Effectively exploring the current opportunities in the competitive market.

Make money/profit

You can make a profit and reserve the fund for future development which is an opportunity to strengthen your business as well as long term perspective.

What are the important characteristics required for the success of a business?

  • Vision
  • Set goals
  • Management functions
  • Self-discipline
  • Reading habit
  • Team 
  • Enhancing technological knowledge 
  • Energy level 
  • Decision-making skill 
  • Networking 
  • Investments 

Vision

Where do you want to go?

Without an appropriate vision, there is no proper path of your business and it badly affects your business growth. So, the growth of the business depends on the vision. The first and foremost is creating a vision for your business even if it becomes a small shop.

Setting goals

That is the most important part of any business because all business has different stages like introduction, growth, maturity and decline. There are different types of strategies as well as decisions required in each stage. Each business must have goals for the success such as long term as well as short term goals.

Management functions

You must have thorough knowledge about the management functions such as planning, organizing, staffing, leading and controlling. That is the most important part of the success of a business which is the backbone of any business success.

Self-discipline

It is the other most important part of any business because you are the only one person making decisions for the business. You can consult with experts also. With the help of self-discipline, you can monitor as well as efficiently manage the organization. Self-discipline is a behaviour that can be developed with the help of training.

Reading habit

In a rapidly changing environment, there are lots of changes in all the sectors. Technological perspective is changing fast, so updating is essential for the success of the business. Another benefit which I found that enhancing imagination, it helps to stimulate the cognitive function of a person.

Team

It is a collaborate effort of group members to achieve a common goal. But team building is very competitive nowadays due to the complexity of diversity, knowledge and views of the people. Mixing of different age groups, gender and education are one method of developing a team.

Updating of Technology

Technology is evolving at a rapid speed nowadays. The only simple way is just following one or two (minimum) blogs for updating knowledge. A Lot of national and international bloggers are available through the internet.

The new trend of Artificial Intelligence (AI) is coming slowly to the various sectors for reducing the work stress. So, the awareness about that is important.

Energy level

The entrepreneur must be optimistic and ready to take any challenge for their business. They must also show a high level of energy in their business activities and a strong need for achievement. This is one way to overcome the hurdles.  

Decision Making Skill

Business depends on the entrepreneurial decisions that are not easy, you can take the proper decision with the help of alternatives. That means the success of the decision depends on the sound decision. The most important point is, mistaken must be accepted by your mind during your business journey.

Networking

That is one of the important skills which we need to acquire because making good rapport to all category people is important for the success of the business.

 Investment

Investing amount to various sources is good for making money. Some of the sources are mutual fund, quality shares, real estate etc.

Common questions before starting the business 

  • How can I increase the sales of the products?
  • How can I sell more than one product to my customer?
  • What type of innovations can be brought in our existing or new product?
  • What additional features can I add to my product?
  • Where is my market as well as segment?
  • What is the value proposition of my product?

Create an excellent idea as well as a model for your business. But planning and learning about the business is very important. Before you start a business, you should collect maximum information about that business. If you start a business, you are also part of the development of society as well as economy.

 

#idea  #business

1 comment:

  1. Thanks for picking out the time to discuss this, I feel great about it and love studying more on this topic. It is extremely helpful for me. Thanks for such a valuable help again. creative company names

    ReplyDelete

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