Many people have dreams of becoming an entrepreneur, but do not have the practical ideas to support these dreams. Whether or not you have enough funds to start a business, the strength of your business idea is essential to making your foray into entrepreneurship long-lived.
Come up with lots of ideas and write them down somewhere, no matter how foolish or fanciful these ideas may seem. There may be a gap in the market that your business will fill.
- Assess the Ideas
Assess every business idea you come up with by carrying out market research, find out each unique problem that the ideas you’ve listed would solve.
- Determine your Target Market
Picking the wrong target market is a business idea disaster waiting to happen. You must determine and understand your target market and what they’d most likely be willing to pay for the product or service from your ideas.
- Estimate The Costs and the Revenue
Calculate how much each idea would cost when you produce the product or offer the service(s) and how much revenue you’d get from them.
- Select an Idea
Pick the idea(s) that you can currently afford based on the capital you’ve set aside or that’d most likely get you a loan or investors and would generate a reasonable Return On Investment (ROI).