Now that you have that brilliant business idea, it is important that you hone your capacity to turn that idea into a profitable business opportunity. Successful entrepreneurs are good at turning ideas into opportunities. While business ideas could be seen as the creative lifeblood of businesses, there is the need to ensure that they become business opportunities. The question is: how can a simple idea be turned into a promising venture?
source: image.freepik.com
Thomas Edison’s popular saying pretty much wraps it up. He said: “Genius is one percent inspiration and 99 percent perspiration.” Now that you have figured the inspiration part out: the idea, let’s see what the perspiration part entails. First of all, you need to ask yourself the following questions:
1. Is there a market for what I want to offer?
2. Do I have the expertise? If not what can I do to acquire it or improve on it?
3. Do I have the capital needed to succeed in this venture? If not, do I have any ideas on how to secure it?
These questions give you the direction to which you have to channel the time, resources and hard work needed to transform your idea into a good business opportunity. Therefore to answer them, you to need to ensure that:
1. You have a market that needs the product or service that you have to offer. You can do this by conducting market research and feasibility studies. In other words, doing some leg work if necessary, to scan your environment, see what is available, what is working, what can be improved upon, and how to improve on it through your new business venture.
2. You have a business plan: a properly written business plan not only helps you develop and communicate a course of action, it can also help you secure funding from potential investors. It helps clarify your idea and it's potentials to yourself and future investors and partners.
3. Start small. Some small ventures can be started alone and with time expanded using lessons learned and with income earned.
3. You assemble a team that will work with you on your idea if you have sufficient resources. Teamwork is important as it ensures that there is a diversity of the requisite knowledge and skills needed to guide the development of your business from an idea to a promising opportunity. It is important to note that a team will work better with good leadership.
source: theformationscompany.com
We also suggest that you find a business mentor who will provide you with advice, guidance and support as you start and maintain your business venture. This is a proven method of increasing the chances of a business becoming successful and profitable. Remember this bit: it is one thing to come up with an idea, but turning that idea into a business opportunity is different ball game. It requires patience, perseverance and hard work. Lots and lots off these.
Do you have other ways of transforming ideas into promising business opportunities? You could share with us by leaving a comment.
Join the conversation!