So you want to start up something, what next?
In every endeavor of creating something, the principles are fairly the same. Be it starting up a business enterprise or a non-governmental organization or living life in general, these principles are basic and are applicable to all areas.
But an idea is just an idea when there is no proper development or execution. In fact, an idea is nothing, execution is everything! Click To Tweet
In this post today we will be sharing on idea creation. You need to, first of all, have an idea and define what it means to you and to the world. Businesses generally follow certain detailed processes before they are fully developed. A business owner is responsible to ensure that these ideas flow through the right processes to become reality.
An idea is a thought or collection of thoughts that generate in the mind. The term ideation often used in business is the process of forming and relating ideas, describing the sequence from idea to implementation. Click To Tweet
Developing a business idea involves;
1. Idea Creation;
The basics of creation are in having deep reasoning and brains storming. Thinking up what you want to do, listing them out and think through again to determine the idea that is most valuable and will generate more profit.
2. Market Research;
Consider the market niche that your idea is applicable to, How much information have you developed from the people who will patronize your idea. This is very essential, conducting a market research will reduce the chances of failing. Who needs your service? Will they be willing to pay for it? And how much will they be willing to access it? You can get this information by conducting surveys, speaking to individuals to get their perspective on your idea. Note your findings and state them clearly.
3. Competitive analysis ;
No idea is new. Do a competitive analysis of your idea. In any business there are competitions.
You are not the first person to think up that idea so you need to identify the people doing similar things to your startup idea. Competitive analysis is a way of comparing what you are offering with that of your competitors in the industry. What are you offering that others are not, what makes your idea different?
4. Develop a Business Concept Note
This is a document that briefly summarizes the business or organization you will like to develop. Develop a purpose or mission statement before writing a business concept note to clearly identify and access the challenges in the market your business want to address. You may be in for a real challenge when you decide to take the step, quit your day job, and become a business owner. The stage is often set in the beginning.
There is no great business without an idea!
Feel free to leave your comments and share with your friends! Have a great week!
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