How to Develop a New Business Idea?
5 min read
How-to-Develop-a-New-Business-Idea
Introduction
This is the most excellent time for new startups or entrepreneurs. This is the era of opportunity. If you have an amazing idea to initiate a commercial enterprise the entire world will welcome you. This is the time within which every person has a chance to explore their excellence. Technology has provided a huge market place for almost all the business on fingertips. Technology has generated voluminous opportunities for almost everyone. But at the identical time, it’s the foremost exigent time. Because of wide opportunities, there are immeasurable competitors are there within the market.
So, this is the time of knowledge. Perfect time for growth seeker you simply have to be compelled to develop, organize, and implement the idea. However, as I said, there are several competitors thus you need to have perfect the implementation plan. So the main question is
How To Develop a new business idea?
Three major factors that affect business idea:
Most of the young entrepreneur fails to work out on their ideas. They don’t work out deeply on their idea. A blind race is going on. A complete brainstorming on your idea is required. Without proper brainstorming, your business idea will collapse. You cannot develop a long term business model without proper brainstorming. Business is not speculation it is all about perfect calculation. A calculation of scale, a calculation of skill and a calculation of scale will be required.
are the three major factors that every entrepreneur should consider while brainstorming.
Don’t be the part of blind race.
Wh family questions for “How To Develop a new business idea“?
There is a proper process for brainstorming. Every entrepreneur should do the brainstorming process before launching their new idea. It could be a launching a new business, or an idea for an existing business. Remember “Wh family questions” will help you a lot. So let’s understand the brainstorming process of business idea nurturing. Ask yourself “What, who, when, why, where, and how” you will implement the idea.
Ask yourself “What, who, when, why, where and how”
Scale
So, let do some brainstorming? The very first thing that will focus on the brainstorming process of a business idea is scale. This will give us clarity on the scalability of our business idea. Remember business is not a speculation, business is all about calculation. So, first, we will work out on the scalability of our idea. You can answer the following questions for your business idea.
Step 1
What will be the scale?
The very first thing we need to think about the scalability of our business idea. So, ask yourself what will be the scalability of your business idea.
1. What is the market size?
(What is the total market size, it could be for the limited area like your city, state or nation even you consider the international market size?
2. How much market you can capture?
Consider your capability, consider limitation, consider the area, and consider your available resources
3. Why think you can capture a certain percentage of market share?
What are the problems that your idea can solve, what are the value prepositions of your idea or product? What are the strengths you have?
4. Where you can launch your business?
Consider location, market place, etc.
5. Who will look after marketing activity?
Do you have the right resource for marketing, find out the right person for marketing?
6. When you will start market activity?
What will be the right time to start your venture or new idea?
7. How will your capture the market activity?
Set a proper process to capture the market activity?
Step 2
Speed
The second most important part every entrepreneur should is speed. This speed consideration is important because you need to calculate expense, profit, breakeven point of your business. If you don’t have a clear idea of the speed of growth and development or implementation you will never be able to organize your finance department. Not only that you will face many unseens losses. In business remember time is true profit. It doesn’t mean that quick earning is the solution no don’t even panic. Or you will take the wrong decisions. Every business idea or a venture has a perfect speed this speed is dependent on venture capital also so it is important to execute everything right time. So, again to decide the right speed you need to answer the wh family questions.
What will be the right speed of execution?
Consider the expense and consider the break-even time, consider the market size and activity and execution time, consider venture capital birthing time
How much time you will require to execute your idea?
Consider the resources you already have, consider the resources you can develop
Who will be responsible for maintaining the decided speed?
Identify the right person to fulfill the responsibility.
When you will monitor the speed of execution?
What will be the right duration to monitor the speed?
Why you maintain certain speed of execution?
Where speed of execution will be monitor?
Step 3
Skill
Remember all the 3 s are very important to work out but the skillset is the most important among all these 3 s. Because if you don’t have the right skillset to execute your idea or venture, all calculations will fail. However, it is very much important to brainstorm about the skill set you require to execute your idea is a very important part of brainstorming. If you have the right skill set with you, your idea or venture will defiantly work. But in my observation, I have seen that most entrepreneur fails in the selection of skill set and skill person. Talent acquisition is a key feature of success in business or venture. So, be very clear about the skill you will require to execute your idea.
What type of skills you will require to execute?
Who is the right person?
Please understand the difference between good people and right people
How you will identify the right skill person for your venture or idea?
When you will appoint skilled person?
Why you need a particular skill set?
Where you will appoint the skilled team?
Recall
It is very important to do a proper brainstorm process execute a new business venture or business idea. It is very important to focus on 3s process of brainstorming.
Scale
Speed
Skill
And to get clarity on above bullets you have to ask “wh family questions” to yourself “What, when, why, where, who and how” find the answers of “Wh family question on all 3 major factors of the business idea that is Scale, speed and skill and you will get the clarity about your venture or an idea.
So enjoy brainstorming.
