FIND IT! How To Tell the Good from the Great (PART 2)
Posted On Wednesday, October 1, 2008 at by Sun JunFIND IT! Spotting a Great Business idea and Pursuing It is Chapter 2 of The Ultimate Guide to Starting Your Own Business by Entrepreneur Philippines.
In this article by Gerry Baclagon, the author, highlights where you can look for business ideas and how to distinguish between a good and a great idea.
How to Tell the Good from the Great
Assessing business ideas is an essential skill for any aspiring entrepreneur. It's crucial to start with a viable concept. Here are a few reminders when evaluating business ideas:
- Sleep on it - Sometimes, that great idea you thought of yesterday might not make sense after thinking it through. Don't be hasty in quitting your day job, think your idea through.
- Be your own critic - Ask yourself question like: Will your idea fill a demand in the market?, Who would buy it? Why?, How will you product it?, Can you afford to finance it?, Who will be your competitors?, What will prevent them from imitating your product or service?
- Find somebody smart to talk to - Ask for the opinions of experts or those who have a good track record of starting businesses. Discuss with them your idea and see what they think. There might be some angles that you haven't looked into.
- Talk to Potential Customers - Some entrepreneurs may be too emotionally attached to their concepts that they fail to see them through the eyes of their target market. Get hold of would-be patrons and find out what they think of your idea.
- Write a Business Plan - Having a business plan will enable you to see the whole picture. This will be discussed in the succeeding chapters.
"Most aspiring entrepreneurs spend too much time worrying despite having a unique and good concept for their business. The result is that opportunity - that great product or service you are thinking of - is either already taken by another entrepreneur who is more daring than you or it has already outlived its usefulness to the market" says Ricky Cuna, owner of Fiorgelato chain of ice cream stores.
Therefore, once you've thought it through, act on your idea!
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