What is a Business idea?

Understanding business ideas and how important it is to ensure any upcoming business success.

 

Every successful business you see today are all products of ideas; but not just ideas, well thought ones, wother well crafted strategies, great resources and well executed strategies. 

Business doesn't just stand and can just stand if the idea is not a productive one and including other things involved, if the execution is poorly delivered.

You can have a wonderful solution solving business idea but then how can it be made manifest? How can you bring those ideas to live? How can people start benefiting from you wonderful ideas. 

A business idea as the name implies is just and idea. Necessary strategies must be put in place through planning to ensure the proper implementation and actualisation of the plan.

 One such strategy that has become popularly used by many small businesses across the globe is the business model canvas or BMC, which is an approach for defining a business model and capturing its core features in the form of diagrams called ‘Business Models Canvas’ (BMC).

having a detailed guidelines on how to use the BMC may be able to help turn your ideas into a successful business model within weeks (depending on the type of business). 

If you are looking to get started with a new venture or if you already have one but need help in improving it then the BCM will be of a help to you. 

BMC, which is an approach for defining a business model and capturing its core features in the form of diagrams called ‘Business Models Canvas’ (BMC). It consists of seven interlinked components :

  1. Product/Service, 
  2. Customer, 
  3. Competitor,
  4.  Channels, 
  5. Price/Cost,
  6.  Risk and 
  7. Time,  

Getting a good business ideas should involved knowing your audience their both current and possibly future pressing needs. The idea should be something that would solve their problem, but they would never know it existed, which is why you need to understand them really well in order to come up with the best solution for that will be really beneficial and satisfactory to them. 

How you can easily fish out a Profitable Business idea

The first thing you need to do when thinking about your new business idea is to think carefully about what is going on in the market right now. It’s easy to get distracted by the latest trends and start imagining things as if they were already common place, but you need to keep an eye on what is actually happening around you and how this may affect the way people behave.

The seven components of Business Model Canvas These seven components are further sub-divided into five functional aspects - Strategic, Operational, Financial, Physical and Process, which provide greater clarity on how each component fits together and how it is connected to other components.

 What is a Business Model? 

Business model defines the strategy and vision for your organization along with an overview of your product or service offering to market, distribution channels, pricing, and other elements of value creation (including customer value).

In short, it is the way you create and capture value in the marketplace for yourself and customers via products and services that may be sold to the end user or provided free-of-charge to users

What business ideas can I venture into:

In respect to the above you should put it at the back of your mind that any idea you pick must be backed up with a solution if it will make a headway and successful stand in its market niche,  so you must choose wisely. 

Note that getting or choosing a business idea does not in anyway mean that you must have deep knowledge of the business.

But it means you must now go for the knowledge you need,  go for the skills your need,  go for the man power you need, go for the resources you need. Do all as the business demands rightly demands. 

Some business ideas you might wish to  venture into.

  1. Freelancing 
  2. Blogging 
  3. Print-on-demand.
  4. Copy writing 
  5. Landscaping and gardening.
  6. Graphics designing .
  7. Furniture Making. 
  8. Web design.
  9. Online advertising.
  10. Laundry. 
  11. Social media management.

Etc... 


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