Have you ever had a problem? searched for a solution but couldn’t find one? This is one of the common and easiest ways of coming up with a great business idea, you may call it a ‘business epiphany’. Any idea that solves a problem either through a form of service or product has the potential of penetrating the market. However, not everyone gets this ‘business epiphany’ because coming up with a great business idea could be a daunting task. It requires a lot of time, energy, and self-reflection.
Starting a great business goes way beyond that great idea that pops in your head. The idea must be realistic and viable. Hence, the need for some brainstorming to figure out if a great idea can become a great business. This is why the initial planning/idea formulation stage of any business should not be rushed.
The important stages in starting a great business include
- Coming up with the million-dollar idea (Idea formulation stage)
- Can the million-dollar idea make you a million dollars? (Testing if your idea would make a great business)
- Testing the Viability of your Idea?
Coming Up with The Million Dollar Idea: It is important to analyze yourself and know your strengths. Knowing what you’re good at can help chart the path for what business you’d be most successful at. Having an idea in your area of interest could prove to be an advantage. Only the passionate ones will pull through the inevitable difficult times that will be faced during the course of creating a business.
It is important to note that not everyone knows what they are good at. I personally recommend asking those around you what they think you are good at. This should provide useful insight into things even you didn’t notice about yourself.
Also, endeavor to try out different things and explore different skills until you find that thing that you really shine at. On the journey of self-discovery, it is possible to find out that you are good at several things.
Coming up with an idea might not come easy to some people. However, studying the environment and reading extensively could spark up inspiration in anyone. Things to read include successful business entrepreneurial stories, great business ideas on google, and social media in its entirety.
At the end of the day, not everyone can own a business. If everyone is a business owner, then who is going to be the employee? The employees make up an organization and every single role counts in order to achieve success.
Can the million-dollar idea make you a million dollars? : Factors to consider here are:
- What problem does your business solve? If your business idea solves a problem or improves on existing business methods, it has the potential to penetrate the market and become a success.
- Are people willing to pay for it? Schroter once said, “anyone can discredit a simple idea, but no one can discredit paying customers.” Carrying out a survey amongst a couple of people would provide you with some insight. After this survey, you should be able to tell if people would be willing to pay for your idea. On the other hand, if you’re improving on existing business ideas, there already exists a sizable niche market for you to capitalize on. The importance of a market survey cannot be overemphasized.
Factors to Consider When Testing the Viability of Your Idea
- Listening to advice, being willing to learn and improve on your idea. Bruce Lee once said, “Absorb what is useful, reject what is useless, add what is specifically your own.”
- Marketing is just as important as creating a business idea. A great business idea that is poorly marketed may never produce results. Various forms of marketing include word of mouth, social media advertising, direct marketing through flyers and billboards, etc.
- It is important to have SMART goals. Your goals must be Specific, Measurable, Achievable, Reliable, and Time-bound.
Coming up with a great business idea and turning it into a success is never an easy task. However, if done correctly, with a high level of commitment, it could be a gateway to achieving financial freedom.