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Think Big: A business idea is a prerequisite for a successful business venture

Written by Farrah Gray on 09 July 2010.

successful business venture(NNPA) - You can't drive a car by looking down at the road. If you want to do more than just take direction, then think bigger, look out ahead, figure out what you need to build a sustainable process, and start building it. A business idea is a prerequisite for a successful business venture.

Good business ideas, however, do not usually just occur to an entrepreneur. Rather, they are the result of effort and often creativity on the part of the entrepreneur.

Finding a good idea is the first step in transforming the entrepreneur's desire and creativity into a business opportunity. There are several sources of good ideas.

To be successful in generating or finding one, however, the entrepreneur needs to keep his/her mind and eyes open and be alert to opportunities. An idea, however good, is only a tool at the end of the day. It needs to be developed and transformed into a viable business opportunity.

Your ideas at first may not appear to you as "big" ideas that can go to market. Big ideas begin not with a flash and a bang but with a steady, sustainable process.

Success can't be the goal. It is not the hope of a great achievement or a plan to accomplish a specific goal. Rather, success is an attitude that affirms worthiness of who you are and the things you are doing. It is an attitude that keeps you open to new discovery and continual growth.

Choosing a business idea that will work well for you is paramount for your startup. For now however, we will concentrate on choosing an idea for starting your own business. The best place to start is to look at the skills and knowledge that you do have. For instance, if you are in employment could you do your job working for yourself rather than being employed by someone else?

Other ideas are listed below.

Could you turn your hobby into a business?  Maybe in your spare time you have gained a skill or knowledge, which could b e turned into a business. It could be designing, gardening, cooking or writing. With the business know-how, something you take pleasure in doing, could be earning you money!

Copy an idea?  An idea does not have to be novel or even original; in fact very few businesses are based on original ideas. Observe what happens abroad, you could get an idea that has not been tried where you live. Look around, watch the news, observe things around you and think how it could be translated into a business idea.

Look for inspiration  You could be inspired with an idea by looking at trade magazines, attending business expos or trade shows. This could provide the seed for a new idea or give you an idea to do it better.

Identify the best market. Apart from choosing an idea based on your skills, you could research markets you believe to be profitable. The ideal market would, for example, be a growing market and have a niche.

Still no idea? Try brainstorming with friends and family. Invite them to come up with any ideas (it does not matter how silly some of them may sound). A brainstorming session should last no longer than fifteen minutes. It should be a starting point to help you think about the opportunities available.

New product of process? Maybe you are a bit of an inventor and have invented a new product or process that you wish to create into a business. If that is the case, make sure you patent your invention with the Patent Office.

Making it a good e-idea. Whatever business idea you decide, you should also be thinking of how it would translate on the Internet. Your business idea should therefore be an e-idea with the following attributes:

Public appeal - It should be an idea that can be marketed to attract customers and appeal to their imagination.

Easily transportable - As the Internet is a worldwide medium accessed by people from all over the world, you will need to bear in mind how your product will be transported. This is particularly important in determining the success of your business.

Hopefully, this should be enough general information to help you make up your mind about your business idea and the important attributes needed to make your idea work. Go for the success that has your name on it!

Farrah Gray is the author of The Truth Shall Make You Rich: The New Road Map to Radical Prosperity, Get Real, Get Rich: Conquer the 7 Lies Blocking You from Success and the international best-seller Reallionaire: Nine Steps to Becoming Rich from the Inside Out. He is chairman of the Farrah Gray Foundation. *

 

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