For every successful business, the origin is always a great business idea. It is however essential to convert the great ideas into real business. Every business is considered good if it can generate profits. A good business is considered to be based on effective reasons that have been thoroughly researched. The initiation of a business begins with laying down the reasons for venturing into a particular business. This is followed by thorough research and evaluation concerning each of the reasons for business start up (Anderson, 1996).
In order to determine the feasibility of the business idea, the researched reasons will give a measure of business profitability. Secondly, the entrepreneur should list down his/ her hobbies and interests and then evaluate whether each of them can fit into a business idea. Through this option, one is capable of engaging in something that he/ she is good at. Optionally, there should be the objective of filling an existing market niche. Through an effective research, the niche should be identified so that the business is focused on filling that niche.
After coming up with the appropriate business idea, one should talk to family and friends to find out their opinion about the intended venture and to compare the opinions to your own. This can also be enhanced through visits to other similar businesses in other locations to find out their secrets. Through engagement in conferences and business expositions, it will be possible for the business person to get in touch with customers, feel their pulse, obtain feedback and create relationships with people of similar mindsets. The business owner should also understand trends in the industry to be able to enter the market innovatively (Brett, 2013).
Anderson, J. A. (1996). A Comparative Analysis of Selected Income Measurement Theories in Financial Accounting. Studies in Accounting Research (12). American Accounting Association.
Brett, K. (2013). “How to Turn an Idea into Business.” http://www.homebiztools.com Retrieved 21st December, 2013.
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