Have
a big idea? Dreaming of Kab Banega Crore pati?
Driving down the road and flash! You hit upon an idea that
could change the world. An idea that will put you into the annals
of history as a pioneer but how and where do you start? Ill
help you find out.
The
Five Know-What’s for getting successful
Five
things an entrepreneur must keep in mind when striving to find
that big idea.
An entrepreneur is always on the look out for a new concept or
an idea that could launch a brand, which would be a success.
Innovation helps in success and attracts attention! There are
however cases when most successful entrepreneurs have taken existing
products, worked on it and succeeded.
Opportunity:
The opportunity has to be significant for the enterprise to succeed!
As a concept, opportunity size escapes an easy definition. It
is imperative for the entrepreneur to substantiate the opportunity
size and analyse how he would convert it before the venture gets
off the ground.
Markets:
The idea is a fantastic one but does the entrepreneur have
a market? The market for the product has to be substantial to
be financially viable.
Product:
- The entrepreneur has to be convinced that it is more than just
brand loyalty that will attract visitors.
- Choose a product that is unique you can be assured of generating
revenues.
- The product idea and offering has to be attractive to an investor
if the entrepreneur needs capital to start the enterprise.
Customers:
The business model must be able to generate repeat business. Alternatively,
there should be a plan in place that will keep generating new
customers.
If the product idea is not exceptional and the opportunity is
not big enough, entrepreneurs should not hesitate to throw it
away and continue to search for an enterprise idea that is more
viable.
Competition:
Know your competition! Sometimes the competition isnt there
yet, but there needs to be a plan of how they will be tackled
in the future. The competition might not come from an expected
quarter.
Competitors can very often buy or acquire the know-how to meet
your competitive advantage.
Many entrepreneurs have a competitive advantage but fail to explain
how this will be sustained.
Researching, analysing and working away with your team on some
of these issues will ensure that the enterprise takes off with
right momentum.