Current IT field related information

23 Jan 10 How to Come Up With a Killer Business Idea

There was a time when capital used to be the king, and one who had the maximum money would have won the business battle hands down. But, the scene has changed. Now everyone has money, well not everyone, but many people have enough capital to start a business and make it survive for months or even years.

Then why they are not plunging in?

Because we are not living in the era where capital matters. What matters today to make a business successful is idea. A business requires a killer idea to become successful. In the paragraphs below, I will tell you how to find a killer business idea.

Find killer business idea in 3 easy steps

  • Step 1: Based on the ability you have, look for the industry that you can work. Alternatively, you can also look for a sector in which you will be more comfortable working. Find an industry in which you would love to work.
  • Step 2: Divide the industry in various sector and list major players in each sector. Also analyze, perceive, and observe the need gap. Ask consumers and retailers about what benefit they are seeking from their existing consumption which are not yet fulfilled. I am asking you to find a need gap.
  • Step 3: Find the alternative routes to fill the need gap. See how you can fulfill industry’s demand efficiently. You need to find a way to keep the price of the solution you are offering within industry’s expected price range.

Once you are through with this, make a business plan and execute it. The business plan should cover every aspect of a business. You need to ascertain the challenges as well as opportunity. Do a SWOT as well as PESTLE analysis. Do not forget to make a list of things you need to run the business.

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09 Dec 09 Finding Funding For A Start Up Business

Having a great business idea is all well and good, but really only part of what you need to start a business.  If you don’t have funding, you’ll never get that business off the ground.  Finding funding for your business is often difficult, unless you know where to look.  So where do you go exactly, if you want to find some willing investors to fund your idea?

Well first, make a budget.  You have to have your money carefully budgeted.  That means how much you intend to spend to make your idea come to life, and how quickly an investor can expect to make their money back.  That means a realistic profit chart that you fully believe you will be able to adhere.  Not having your financial information  carefully planned will detract from how many will want to invest, this is your most important step.

Now you need a good business plan, and that means research on your part.  Look at the businesses that are similar to the one that you would like to start.  See the mechanics of what makes those businesses run, and learn everything you can.  From there you can make a brilliant business plan that covers all your bases, and that stands as a linear realistic guide to business success.  This is one of your main selling points to potential investors, so your plan needs to be iron clad, and well thought out.

From here you’re ready to find some funding.  Banks are a great place to go, as most offer business loans for just this sort of purpose.  Here is where your plan and financial map will serve you incredibly well, as the type of loan you can get will depend on both.  Your credit score combined with the viability of your idea will dictate how much money you can get, and what sort of interest rate you will be expecting.

Another tactic is to find business partners.  Also where your plan and financial map will be of chief importance.  Finding a partner means soliciting those that have the money to put up, and that are willing to work with your idea.  Find people that you want to work with, and that you work well with.  Otherwise you could find yourself in a terrible situation.

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21 Sep 09 Validating A Business Idea

If you have an idea for a business, the most important thing you can do is validate that idea.  You need to validate your idea, and ensure that it really is solid enough for your personal investments of time and money.  Starting a business without proper validation oftentimes means failure, or an inability to hit your target market because of a lack of information.  Many start up businesses fail because of improper preparation, so don’t undervalue the step of validation.  Any good idea should be validated before really put into use, and your business is no different.

You’ll want to take that business idea and fully flesh it out before you begin to gather support for your concept.  Make an outline of your plan, and how the idea fits into accomplishing your goals.  Think of how you can make this concept work for you, and how you’ll carry it out.

Now bring in your friends and even family, ask them to take a look at your outline and see what they think.  Take their input seriously, and make notes of the points they mention.  Whether they see a flaw, or something you could change to work for the better.  Any criticism is good at this stage, and will help you bring about a stronger business idea.

Once you’ve got that idea validated by those close to you, and you’re comfortable with what you’ve got, it’s time for the next step.  You need to find business entrepreneurs.  These are the people that will give you the input you need to be successful, and also the people you can inspire to be interested in investing in your business idea.  They will give you the pointers you need, and expose any holes in your idea that make the business a less than viable success option.  After that you plug up the holes, and keep at it with the entrepreneurs and try to find yourself an investor, so that you’ve got some start up money to really get your idea off the ground.

Plus now you’ve proven your idea is viable, and you can focus on your target market.  Use what you’ve learned to your advantage, and make things happen.

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