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Devising Great Business Ideas

Simple Alliance, Kenya Limited


New Business Prerequisites

As an entrepreneur, you need to employ caution when starting a new business.  Your effective business idea will derive from three key concepts, namely:

  • Vision
  • Leveraging your weaknesses
  • Determining market needs  

Pursuing the above three concepts will enable you to come up with excellent business tips.

Developing your Vision

This will entail your creation of a specific, detailed and vivid master plan for the next few years. Your vision will derive from phenomena that are dear to you. These personal traits will influence your planned business model. Some factors to consider include:

  • Your present residence
  • Your type of work
  • Your workday activities
  • Your work environment
  • Your work colleagues
  • Your pastime interests

Importance

Great business ideas will derive from an excellent vision. Your vision will set the basis for undertaking important business exercises such as:

  • Selecting business concepts from
  • Setting unambiguous goals
  • Making decisions

Establishing your Interests and Talents  

Your chosen business needs to reflect your talents and interests.  This match will help to keep you motivated as you run your business.  The aligned reflects excellent entrepreneurial ideas.

Suggested Procedure

Your talent and skill search exercise could follow certain steps, including:

  • Determining your skills
  • Investigating your interests 
  • Establishing your acquired skills
Skill Identification

You could base your business’ model on your skills. To establish your skills, observe yourself over some time. Keep a long of your observed skill sets.  Alternatively, you could ask your colleagues to determine the activities you excel in.   

Determining Your Preferred Activities

Make a list of a minimum of ten activities you like doing.  Include your hobbies as well as other interesting pursuits. For assistance, consult person who have known you for a long time. Ask these persons to mention the activities you have enjoyed engaging in.  

Determining your Learned Skills

Make a list of a minimum of ten activities you have accomplished in informal or formal work settings.

Using the 3 Lists

Whenever business ideas come to your mind, record them within the proper categories of your three acquired skills, interests, and competences list. 

Establishing Existing Market Needs

Your investigation of current market needs will involve external studies. From such enquiry, you will detect unsatisfied needs. You could use your services or products to fulfil these needs.   

Information Sources

Your investigation of market needs can take several approaches, including:

  • Going through ideas found on the web
  • Conducting your own research for suitable ideas

Important Rules

Wherever you derive your business ideas from, you need to take care to ensure that:

  • Your chosen idea has a bearing on your personality, aspirations, and preferences
  • Your selected idea matches existing market needs
  • Your chosen idea is bold, innovative, and unique   

Entrepreneurs rely on great business ideas. Good business ideas possess certain characteristics.  These ideas reflect a reasonable vision for your business. The business tips help you to leverage on your strength’s. The good ideas reflect current market needs.  Your personality, aspirations, and desires impacts on the business idea you settle for. This is because you need to select an idea from which you will create a sustainable business. You need to do a business you like doing. Further, your skills need to match the skills required to run your business. Some useful sources of business ideas include; consulting close colleagues, researching web sources, and doing market research.  The entrepreneurial ideas will be useful to you when starting a new business.

Copyright (C) 2016, Simple Alliance Kenya Limited

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