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How to select a business idea?

The approach to a right idea is not an easy journey and can lead to quite a few confusions. Here's a piece from Dr Trilok Kumar Jain that helps you understand the approach to narrow down to finalising the right business idea. Read ON!
Starting UP Everyone needs products or services that businesses can offer. Everyone needs some improvement in existing products and services. The needs are always there – the only need is that of someone who can encash the opportunity.

Entrepreneurship is hereby the ability to create required expertise to deliver products or services in a far superior way to the customers, while maximising the profit margins and minimising the associated costs. Entrepreneurship is simple – just ensuring that the needs of common people are fulfilled and the result is profit, which helps entrepreneur to plan for the future.

A large number of youth today want to become entrepreneurs. However, they face one particular problem. They have never been trained for/in entrepreneurship. They have been taught a number of subjects, none of which are useful for them today for this particular aspiration. However, they require fundamental skills of entrepreneurship, which aren't ever taught to them during their regular curriculum excercises at university or schools. At this irony it is pertinent to identify and mention a few areas, where people should take up entrepreneurship.

The most important thing to search is the search for business solution for some most urgent and unfulfilled needs of the common people, which can be fulfilled using some technological innovation or improvement in existing products. This indeed is the starting point or fundamental foundation stage of ideation for every entrepreneur.

Starting UP The next aspect in the same direction is the selection of the right business idea, which is truly the challenge for an entrepreneur to kick-start the journey. If an entrepreneur takes up a business venture without much interest – his own interest will disappear soon and he/she would soon be out of business. But if someone takes up business in an area of interest, there is a possibility of continuous pursuit of passion and purpose in direction of the chosen business idea.

Most notably here, Business ideas that can serve common people, are indeed the best ideas in my opinion. Connecting common people for their needs is the best business that an aspirant can look forward to getting into.

The decision to jump into a new business should be based on both your emotions and your market analysis. It should be something that you love to do and something through which you can bring tremendous relief or benefits to the people. There should be an overall feeling of “Wow” both in your mind and in the mind of your customer. This is possible if you work out an innovative solution before you launch your product or services.

In my suggestion, if asked, I would say ask these 10 questions (as listed below) and if the answer to all of them is ‘Yes’, then take the decision to jump onto the chosen business idea: -
  1. Is there an unfulfilled need among people for which they are really searching for a solution(product or service) ?
  2. Can you offer an improvised and innovative solution, which could fulfill the demand of these people?
  3. Do you really understand what the people are wanting to get?
  4. Can you really communicate and clarify what you wish to offer to them as a solution and get some people to actually try it early on?
  5. Is there a possibility that your solutions would be appreciated and adopted by many people in the long run?
  6. Can you patiently try to work hard if the solution doesn’t work?
  7. Do you have the zeal and love for the work that you propose to do and do it tirelessly?
  8. Is there a possibility that your solution could be implemented in other places too, for the benefit of the common people?
  9. Is there a possibility that your solution will bring smiles to the common people?
  10. Is there a possibility that you suffer a loss but you will still love the experience and continue your efforts?
If the answer to all of them is a "Yes" – SIMPLY jump onto the business that you are desiring to take up. Best WISHES from me for all your endeavours. Don't forget to share your thoughts in the comments below.

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Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 15th May 2018.
Dr. Trilok Kumar Jain
Dr. Trilok Kumar Jain is a contributing writer at Inspiration Unlimited eMagazin

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