What is a business idea?
A business idea is a thought that exist in the mind that can be developed into a product or service. Ideas are best born from an internal passion to address a clear market problem or make a difference in a particular area of the community or world. Every entrepreneur is in pursuit of the ideal business idea. Having a clear idea is essential to developing a viable business plan and building a profitable business.
How do you originate a business idea?
- Ideas are born out of passion
- Ideas are generated by market needs
- Ideas are developed through knowledge
The characteristics of a good idea;
- It defines the type of business
- It defines the products or services you will be providing
- It defines your target market
- It defines the need you are meeting
- It States the gift, skill and experience necessary to carry out the idea
- It defines the value proposition
As you prepare your business idea, you should clarify it by assessing the following
- Your motivation: What is motivating you to start the business? Your motivation is what inspires you to establish the business.
- Your Purpose; What is the reason for your existence? Why did God place you on earth?
- Your gifts, skills, and abilities; Do your gifts, skills, abilities, Knowledge or experience match your business idea?
- Assess Market need; A need is a lack or a problem that requires a business solution. Have you identified one?
- Identify your Products and services; What solution do you propose for the need you have identified?
- Clarify the value proposition; What value does your business bring to the community and to the consumer of the product or service?
Reflection
If any of you lacks wisdom, let him ask God, who gives it liberally and without reproach, and it will be given to him. –James 1:5
Mary Kamore is the Lead Consultant M_OliveS Mentors