Everything about business ideas
The hardest part of business is starting a business. Whenever, a budding entrepreneur or business plans to start a business, the hardest part is to have clear idea about your business. So, today in this blog we will learn how to conceive a business idea.
Elements of a business idea
First, we must know the elements behind a business idea. The necessary ingredients of a business idea are as follows: —
- A burning problem
- An inner motivation
- Necessary knowledge about the burning problem
- An invented or discovered solution
- A strong customer base.
- A sustainable process to make the solution to reach.
Simple process to create a revolutionary idea
The science of business idea is probably the simplest idea that the world doesn’t have discovered. The elements me mentioned are the necessary formula of this study. So, you only have to fill the constants and you have a great idea on your mind that is sustainable and can easily be turned into its physical equivalent. NOW LET’S GET DEEPER INTO THESE ELEMENTS.
The burning problem
These are the roots of your business idea. This is the subject in which your business will be focused on. hence, take this element very seriously. This problem could be of any aspect, spiritual, physical and mental. This problem can also be about a process that hectic or time taking and you have the technology to reduce it. The greater the problem the greater is your success. For example: Adani Gas saw the problem that people lacked the easy supply of LPG gas in India. This was the burning behind the business of Adani Gas.
An inner motivation
Here, motivation is not only the motivation inside you to start your business. This is the motivation to help people, this is the motivation of interaction. This is also the motivation to face problems, stops and challenges in the path of building the business idea into its physical equivalent.
Necessary knowledge about the burning problem
Only identification is not enough, you also need a full knowledge about your problem. THIS MAKES YOUR BURNING PROBLEM MORE BENEFICIAL FOR YOU. So, have a clear knowledge base about your problem. This will also make your business strong and help it penetrate more into the problem.
An invented or discovered solution
The solution you find about the problem must be affordable for your targeted consumers or it shall at least have a proper price. Now this has some exceptions, for example, Apple inc. items are quite expensive for Indian audience but they still have a craze among Indians. The invented solution of apple has made Apple inc. what it is today.
The pricing of a is such a vast topic that I will discuss in some other blog.
A strong customer base
So, you have a problem and its solution, now find the people who face the problem and lack its solution. Every great business keeps a thoroughly viewed idea about its audience. So, have a minimal idea about your customers.
A sustainable process to make the solution to reach.
Now, the best part. define the process through which you will deliver the product to your audience. I love this part because this is where the business world comes in your life. B2B businesses also come under this process. This is also where you need marketeers and networkers. Networking also helps at this stage (I will discuss more about networking in my later blogs).
Conclusion
The science of business idea is very simple and easy to apply. The application is not hard and you can easily apply this on your life. Now, you can create your own business idea which is more sustainable and has high clarity of application.
