Ankocoin token, get it now



Eight steps to turn your idea into a viable business opportunity

Eight steps to turn your idea into a viable business opportunity

Picture of idea

An Idea is looking within yourself and examine your skills, talent and passion. Keep up with current events and be ready to take advantages of business opportunity, social happening, events and parties. It is the conscious intent of discovering something.

A business idea is something that can be used to make money. It centres on a product or service that can be offered for money. The acceptability and profitability of a business idea hinges largely on how innovative the idea is. "Being innovative means using conventional production or distribution method that have reraly  been adopted before"

Opportunity is an exploitable set of circumstances with uncertain outcome, require personal commitment, resources and involving exposure to risk. When seeking for opportunities, it is better to look for opportunities that are recently created and have no not being exploited. Opportunity must also match the personal qualities and goal of an enterpreneur

A man writing on a wall glace

Business opportunity

Business opportunity means a favorable chance, available to carryout  a certain activity that can in turn bring money or value to an entrepreneur in a given environment at a given point of time. 

Business opportunity means a good or favorable chance available to run a specific business in a given environment at a giving point of time.

business opportunity is an attractive idea or proposition that provides the possibility of a return for an individual who take the risk of using the idea to solve an identify problem of individual or society.

Means of discovering business idea

1. Attending exhibition and trade fair; by visiting such event regularly you will not only find out new products and service but you will as well meet sales representative wholesalers distributors manufacturers and franchisers.

2. The customers; the need and want of the customer which will provide the rationale for a product or service can analyse or ascertain through a survey. Listen to customer complaint and frustrations, this have led to many new products or services. Whenever customers complain badly or bitterly concerning a product or service or when you hear someone "say I wish there was" or "if only there were a product / service that could serve as" then you have the potential for a business idea.

3. Brainstorming brainstorming is a creative problem-solving technique and also a source for generating idea. The objective is to arrive with as many idea as possible. It's usually begin with a question or problem statement. 

Existing products and services 

Monitoring the existing products and services and making a competitive analysis of them to identify the shortcoming and decide what and how a better products and services can be offered to the consumers 

Distribution channel 

This include wholesalers and retailers who deal directly with consumers and have better understanding of the consumer wants, can provide idea for new product development and modification in the existing products 

The internet 

Internet provide a means that enable higher-level communication between people, companies and countries throughout the world. the internet is the greatest business opportunity that you can implore to grow your business

Turn Idea into reality image

Other means of generating ideas are; 

1. Success story of known entrepreneur, friend and relation 2. Meeting government agency

3. Professional magazine 

4. Knowledge about government policy 

5. New products introduced by competitors 

6. Market insights through observation.

Major difference between business idea and business opportunity  

A business opportunity is a business idea that has pass through research and feasibility study, packaged into a promising venture and ready to launch. While you can come across multiple business idea in a day which only few of them will be profitable in the long run based on market research and feasibility study conducted. This few are the real business opportunity. Also you can sell a business opportunity but you can't sell an idea (it is not entirely impossible but it is difficult) 

An opportunity is regarded as one after it has been found to meet the following criteria;

1. It must have the potential to reach break-even cash flow within one to three years 

2. It must have high Cross margin 

3. The startup capital investment must be realistic and within the range of what you'll provide 

4. You must have the skills and experience needed to drive the business to success 

5. Your level of enthusiasm for the business must be very high 

6. It must have the potential for residential income 

7. It must have the potential to keep on improving with time 

8. It must have a low level of liability risk 

After you have refined and repackage your business opportunity in your mind, you can have it and documented by writing a business plan. Then implement on your own or sell it to someone else for profit. Probably because you cannot afford the capital require to flag of the business 

All ideas grow out of other ideas image

How to know an idea that can turn into viable business opportunity

1. It must fulfill customer need or solve their problem 2. It must be innovative, unique, clear, and focus 

3. It must be profitable in the long run. The acceptability and profitability of a business idea is largely on how innovative the idea is.

Factor to evaluate A successful business idea

1. It must offer benefits to the customer by solving a problem or fulfilling a need to 

2. It must have a market that is willing to accept it as well as unique value that differentiates it from the competitors 

3. It must have a mechanism for making revenue 

Five basic steps to turn an idea into a viable business opportunity

1. By conducting market research and feasibility study on your idea, i.e understand what the market need is and realistic early take account of capability you have to be able to provide it

2. Writing a business plan; this serve as a road to guide you and assist you in developing an idea into an opportunity it force you to ask and answer hard questions and explore your options

3. Assembling a business team that will work with you on your idea, no individual has all the knowledge and skills necessary to make the transformation

4. Leadership; the right leadership is essential to guide development of an idea into opportunity

5. Resources; the design process will offer you a perfect calculation of the resources that will be required to turn your idea into an opportunity

Two men looking at a laptop image

An idea is sort of a seed and impression of a notion that revolve around seemingly successful product or service. A thought that needs some amount of economics validation before it shapes self into an opportunity

Opportunity comes out after filter and sift through these idea. Most of the time, these ideas remain dormant because of lack of courage, resources, time and money or mere inability to take action. Successful 

Therefore, it's take time, resources and hard work to turn an Idea into opportunity

How to identify business opportunity 

1. Their own or partner past experience in that business line 

2. The high profitability of products 

3. Increasing demand for the product in the market 

4. The government promotional scale and facility offered to run some specific business Enterprises 

5. The expansion or diversification plan of their own or any other ongoing business known to them 

6. The products reserve for small-scale units or certain location 

7. The availability of input like raw materials and labour at cheaper rate.

Check out

How to make money online without paying

Post a Comment