Updated: Jan 22, 2020
It's been said that "people don't know what they want until they see it." I think in many respects this is very true. We are caught up in the day-to-day struggle of life trying to maintain what this 'life' means to us. Then when something new comes along that makes our lives easier we are immediately struck with that 'Ah ha' moment. Then the next thing out of our mouths is, "Why didn't I think of that?!" Or "Man, I've been needing something like this!"
It's up to those individuals who are innovators and visionaries to do that for us. If you happen to be one of those individuals trying to make a difference for yourself and others then your vision still has to meet a need. And remember, everything you may invent or create or devise won't always be received well or be useful...right now. Some inventions, concepts and ideas took root hundreds of years ago, but they simply where not practical at that time. Now they are. Who knew?
Venturing into a new area of business requires more than just sharp business acumen. The spark is often set off by an idea, followed by the ability to choose the most appropriate one. Tons of ideas may swarm in your mind, some demure ones, while others are straight-out risky ones. Like they say, an idea is to a spark, what an opportunity is to a sustained flame. Opportunity differs vastly from an idea though innumerable people use it interchangeably. An idea should be ideally followed up by a detailed assessment and logical analysis of its feasibility. Tangibility of an idea is very important for the start of a good business proposition. Ideas that effectively translate into opportunity offer great chances of success. Remember, you still have to eat!
But don’t go off willy-nilly and think that every great idea you have will find a home in the market. There is a reason why some ideas work and others don’t. Some are simply not practical…yet. You must examine the marketplace and the niche you desire to enter and see whether or not your “mouse-trap” will catch more mice! Some ideas are behind the times and a remedy or fix is already in place. Other ideas are light-years ahead of their time and may have to sit around a couple of decades before anyone realizes they really do need an entire 20 pound turkey cooked in 2 minutes! Don’t laugh, there’s a little thing called a Flash Oven that can do just that, but the guy had the idea some 20 years ago!
So hopefully you see the most important aspect, perhaps the core, of a successful business development activity is the idea itself. Here we are referring to the pre-strategizing days, the early stages of the business venture. Unfortunately, this aspect of just merely thinking with a fertile open mind goes unnoticed by many ambitious pursuers of businesses.
Asking such pertinent questions in the beginning will prepare you and your business advisor for discussions on assessing the potential of your proposed business. You can also now devise approaches towards handling your markets, tackling your competitors, evaluating your expenses and determining your financial needs. Such an exercise of evaluating the potential for success must be undertaken before elucidating strategies and business plans so that you don’t end up spending time and money on a wasteful venture. A critical assessment of your strength and weaknesses side by side is also crucial for success.
Take this as an initial stage in your feasibility study. The big picture will of course emerge with more meticulous evaluation. This simple check list of suggestions can be particularly useful for you. “Will this particular idea when translated into a business venture yield enough profits to be called a successful one? Can it help you determine your stand on the decision? Can this business sell enough of products to be called a flourishing venture? If need be, make some critical changes to your ideas to permit you to reach your targets. Always remember, an educated, well informed decision based on thorough critical analysis and projections into the future will determine whether you will succeed or fail!