Business Ideas

HOW TO DEVELOP SOUND SMALL BUSINESS IDEAS

In business environment globally, entrepreneurs seems to always jump on the bandwagon, rather than develop unique ideas that will help them create distinctive identities for their businesses. The Managing Director Protection International Services, Mr. Ubong King, says, “It si important that you understand your customers. However, you may think it is strange to start here and the logical question you will ask is how do I know my customers before having a business in a place?”

He explains that the customers make business. Therefore, when one has a business idea, one should not develop the ideas around what one thinks potential customers will like or need, but find out what the customers actually desire.,

He says, “To often, business owners get an idea in their heads and jump right in with both feet. But they soon find out that their target markets does not want what they are offering. Spending both time and money on a project just to see it languish is not a perfect business idea.

“Moreover knowing what people need is a great way to get business idea as building products to meet those needs will get customers coming to you.”

The Managing Director, PowerGen Engineering Limited, Mrs. Bukola Oyebadejo, notes that passion is important for any business idea to be successful.

To her, “You must have some interest in what you do or want to do. More times than not, you will be spending 15 to 18 hours a day working on your business in the beginning usually for the first 12 to 18 months.” She adds, “It is necessary you have to constantly be thinking about to improve and grow your business as well as be out talking abut it to everyone, everywhere.” She emphasizes that if there is no passion for the business you intend getting into, you may encounter difficulties.

King says that there is the need to understand the competition, adding, “Every business has completion- either direct or indirect. Some competitors are ruthless.” He notes that if you don’t know your completion, you may lose out on the customers.