Small businesses are ventures that
are small-scale in their operations. They require little initial capital outlay
and small workforce, serve a limited area and have simple ownership forms.
Ideas are transmuted into thriving establishments by answering questions about
what, when, where and how to produce. They also help existing businesses identify
opportunities to maximize profits and minimize costs of operations. There is
traffic of ideas for entrepreneurs who fast capture them as they come to the
mind’s eye. Below is a list of few ideas for grabs by small business starters
and owners alike.
- Develop habits
Search for most business
ideas is dependent upon self. Giving the ideas to others at a cost is in itself
business, provided you have the required skills. I consider inculcating these
two skills important.
- Be Observant
Think about a product or service. If
possible, use them to assist the process. Detect the needs of the people since
necessity is the mother of invention. By keenly following current trends in the
media and during gatherings, new developments in an area with potential for begging
establishment of new businesses come to the fore. Pay attention to changes in
consumption behaviour of people with regard to all their differences. Let not
opportunities pass you.
- Avid Reading
Cultivate this habit without
necessarily researching. Books, newspapers, magazines, journals and other
materials written or published are found in libraries, bookstores and even
online. They are awash with what triggers long and hard thinking. Continuous
learning means more than college education.
- Skills
The skills and training obtained and
possessed are strengths that gravitate entrepreneurs to what they love doing. Barber shop owners had been practising assistants,
gifted singers give music lessons, retrenched factory workers begin tailoring
schools, and some fast-food sellers by the roadsides had experienced cooking at
schools and hotels.
- Seasons
A good number of business
opportunities vary with time. The market for umbrellas and sweaters exists
during the rains. Some Muslims make a killing through sale of date fruits
during the fasting month.
- Customer Feedback
Suggestion boxes collecting
customers’ opinions, comments, and criticisms are great sources of ideas. For
instance, what is your take regarding service delivery at a given organization?
The frequently asked questions and issues they want addressed mean need for improvements
or new product development. This is one reason why they say, “Customer is
King”.
- Problems
Problems are the needs and wants of
people for which businesses are set up. Every problem is a potential business
idea because someone’s life is worse off. So, take up the challenge to engage
in the same for profit.
- Research and Analysis
Business analysts ‘crunch’ the
numbers. Research gives insights into competitors, market share and demand gap.
Questionnaires can be prepared or visits made to statistical information
offices. SWOT (Strengths, Weaknesses, Opportunities and Threats) Analysis also
triggers business ideas. Forget not to consult the relevant mentors in the
profession for technical support tips.
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