Everyone has had great ideas for a business, at one time or another, but far too many times no action comes as a result of this thinking. The phrase of “intent is worthless and execution is everything” comes to mind. The accuracy or validity of this phrase is to be determined by each person that comes across it. A solid business idea is the end result of running an initial idea through a barrage of prerequisite questions and challenges. The goal is to play devil’s advocate for a moment to see how realistic an idea is, when paired up against many facts that may result in a failed business.
Someone who is serious about pursuing their own company needs to first start with a solid basis and plenty of support to back up the idea, from the beginning. A solid business idea needs to be realistic and some questions should be immediately raised. Who am I going to sell my product or services to? Is the market that I plan on working in, saturated with this type of business already? If so, how will this company be different to the consumer? Are there high operating costs? Will this be profitable and worth my time and efforts? These are a few examples of the type of questions that should be tested against a new idea. Once an idea is solidified, the marketing and advertising aspects need to be examined closely. If all of this lines up well a business plan should be written to keep the growth and development on track. It should also foresee any future challenges and detail a plan to deal with those obstacles.
Recognizing a solid business idea can require research and work to obtain. Once this is done, in actuality, there is still quite a bit of work that will need to be done before the act of business should actually take place. This is mentioned for a realistic expectation, and not for a deterrent to becoming a successful entrepreneur. Starting a company from the ground up takes time, money, and a little luck and most importantly a strong foundation that is poured with the identification of the business plan.