Choosing the ‘right’ business idea is sometimes the very tricky part. A business idea is like footwear. If an investor with the wrong foot size tries to take it on, it may end up a horrible experience for him. Often, new businesses don’t succeed because the ideas and entrepreneurs behind them are the wrong fit for each other. This submission provides you with a checklist of basic rules you should use to test those business ideas you’ve been nurturing. Checklist!
1. I’m I passionate about the business? We are creatures of emotion this comes to bare in things we are involved in like our businesses. The human mind is so complex that it can be brought to amazing action by strong feelings. Passion is the defining quality of entrepreneurship that breeds positive actions, ambition and perseverance i.e. the critical nutrients that will nurture any business idea to become a remarkable success! You don’t start your business and focus on money. Focusing on money isn’t totally bad, focusing ‘too much’ on it is! Very few businesses start making money almost immediately they started out. Just like a new baby, a new business needs to be nurtured until it can stand on its feet. Of course, this may take between 6 months to 5 years or even more! Will you love your business enough to not be bored two years down the line if its not yielding yet? Is there some sort of strong connection you have with the idea you find hard to explain? …Then you have passion for the business!
2. You must apply acquired knowledge and natural abilities to the business idea The best ideas are those that came from your knowledge or natural abilities in the concerned area. If you love to write like Sandra Chinedu, becoming a blogger or even running a content website will come very easy to you. Nigerians Linda Ikeji have become financially successful doing things they ordinarily love to do-writing. Your knowledge and natural abilities can be converted into a successful business venture. Almost everyone has some special skill or basic knowledge that can be made into a business. If you have a gardening hobby, turning it into a vegetable venture will not change your love or dedication to it. Plus, you’ll be getting paid for it. It’s what you love! As a start-up, you will mostly be responsible for a lot of all the ‘technical’ tasks like producing or providing the product. You will also have to market your product and do customer service as well. You need to have great organization and presentation skills. The more the business idea fits your temperament, knowledge and abilities, the better!
3. You must have a matching risk level with the business It’s usually safe to bite the much you can swallow. How big or small is your appetite for risk? How much of your resources (physical and financial) are you willing to bet on your business idea? Risk is not totally bad. Entrepreneurs are different people because they are willing to take the required risk to achieve a thing. Most entrepreneurs are sometimes distracted by the profitability of a business idea that they do not take the needed time to consider the risks involved when there are ways to avoid, transfer or reduce the effects of the risks that will come with their businesses. This is where a good business plan comes handy. A good business plan allows you analyse all the possible trouble spots while identifying the risks in your business.
Know you are in for a the long term haul As a start-up you must ask yourself if you are desperate for extra bucks and need to start a business to supplement your current income. Are you on a long term plan to become financially independent and secure? Some businesses need long incubation periods before they become successful while some others are instant successes. An entrepreneur with a short term expectation is bound to be impatient and may not nurture the business well enough to reap the benefits at the long run. Even sites like Facebook had to wait a full five years before it started making any money.