About Your Business Idea!!
An entrepreneurial venture does not just spur on imagination. It starts off with a marketable idea on the basis of which you draft the business plan. The success of every business depends upon the creativity and practicality of the idea. This is where most entrepreneurs fall behind. They have a set of ideas to shortlist, get confused and end up staking money in the wrong game. Here are some tips to save your hard-earned money from getting spent in the wrong way.
Not Every Hobby Is A Passion
Passion is the driving force behind every successful business venture. This is the most important, yet the most misperceived phenomenon in the entrepreneurial arena. You need to understand the difference between passion and other temporary, inspirational forces. For example, hobbies are mostly mixed up with passion. Hobbies are activities that make you forget your stress and help you relax for a while. Whereas passion drives you crazy and makes it almost impossible to relax, even after you achieve what you set out to achieve. Passion makes you want more and better every time. Hobbies are activities that you engage in during your free time. On the other hand, you spare time for things that you are passionate about. Selling your passion would get you more success rather than just playing with your hobby.
Not Every Profit Can Lead To A Good Business Venture
A one-time quick financial gain is another factor that is misunderstood as a good business idea which ultimately leads to less success or total loss in some entrepreneurial ventures. Let us suppose you invested in a blue chip stock portfolio, the market moved fortunately in your favor and you made high profits out of it. However, this one-time quick profit does not imply that you should start up your own investment or consultancy firm. Or for example, you bought an expensive electronic gadget for your friend from the wholesale market but they didn’t like it. You went out to resell it in the retail market and got an even better price than what you bought it for. Such cases of acquiring quick financial gain inspire many to start up their own business which later on turns out to be disastrous.
Don’t Fall For Fashion
Just because everyone is crazy about social networking websites doesn’t mean that you should start one of your own. Don’t fall for the rising star. Play with your strengths and skills and create your own star. Whether it is textile or technology, don’t base your venture solely on the prevailing trends. Suppose you made a business feasibility report for a hot and happening trend, went for its execution and suddenly, a new trend took over. This would make you lose all the startup capital. Make sure your business plan is flexible enough to incorporate any changes that might occur during and after the startup phase.
Too Many Cooks Spoil The Broth
It is always good to get advice from experts but don’t really fall for all of it. It’s really important that you stay open and flexible to all that comes your way. Just think of starting a business and you will find numerous well wishers and self acclaimed experts going out of their way to give you free advice. You need to differentiate between those who are a real expert in their field or those who are just good at convincing others of their opinion. The best way is to take advice from a third party business consultant.
Don’t Spare All On Product Development
One of the attributes of a good business idea is that it is marketable. And this requires you to incorporate the element of sales in it. You love making candles and wax sculptures since your childhood and now want to set up a studio and sell such articles. That is not good enough to start a business. No matter how exquisite your wax sculptures may be, they are of no use if there are not enough people to buy them. Don’t spare all your money and time on product development unless you find your buyers.
No matter how careful and well prepared you may be, you are bound to make a few mistakes during the startup phase of your business. However, the idea generation process is the only phase that you can pull off perfectly. Work on what you are passionate about but in a marketable manner. The more specific and marketable your business idea is, the more easily and successfully you will be able to pull off the startup phase. Likewise, the more passionate you are about your work the more you will learn about it and there would be less chances of making mistakes in its execution. Summing up, a good business idea is a combination of what you love to do and how to sell it to others.