Starting a business – Profitability or evaluation of business ideas

Starting a business – Profitability or evaluation of business ideas

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Once you decide to change your life and start their own business. But in fact it is not as easy as it appears at first sight.Yes, you have a certain amount of seed capital; yes, you have the enthusiasm and around full of ideas that you can grab.

That’s just not quickly adjust to a different world view. The first time, everything seems complicated. But the most difficult to reconstruct their perceptions and ways of thinking, learn to look at the situation through the eyes of the commander and strategist, who entrusted the fate of the army. As they say, you want to change the world – start with yourself. Therefore, we must first cultivate diligence and prudence – the ability to calculate the game a few steps ahead will bring great rewards.

Select the direction in which I want to achieve success, it’s half the battle. Because it must be relevant, promising and profitable. How can calculate the profitability of a business idea in terms of the psychology of the entrepreneur rather than the average person?

So, you come up with a great idea with a future. Remarkably, if it is so brilliant that you will thus pioneer who will remove the cream. And if not? Not knowing ford thrust into water fraught teaches us folk wisdom.

Before you take the first steps to implement, requires detailed study of one segment of the market where you intend to act.That market research will help you quickly determine profitability. You do not need to hire specialists serious enough to show personal interest.

It offers:

  • Internet, where the company’s website and thematic resources you can find anything on your topic;
  • print media, especially specialized;
  • various associations, government agencies and other organizations.

Through these sources, you’ll learn how this market segment is oversaturated, which did not consider the nuances of your potential rivals and where is the niche that was created exclusively for you.

The specific objective of this analysis – identifying your target audience, both main and indirect.

Make a list of questions that will help sort out the situation quickly. Consult with knowledgeable people on the internet a lot of them and they are willing to give advice completely disinterested.

If we turn to Kevin Keller, professor of marketing, the business idea should be considered in four positions:

  • From the perspective of company founder who intends this idea to implement. What benefits the company promises.What is the difference of goods / services from similar products by competitors. The specifics of what is offered to the consumer and for what purpose
  • From the perspective of a potential buyer. Here it is necessary to take into account the opinion of the buyer – whether it will receive from this product benefit, evaluate whether it. Do not neglect the views of those organizations or individuals who have influence over the decision by the buyer. Do not forget those who know all too well represented production because of their profession or specialized knowledge.
  • From the standpoint of the alleged competitors. How often will overlap with the way it is possible to establish relations.
  • From the perspective of partners and associates who have to join the company, to create the final product. How much they are interested in a successful outcome, what is for them a source of interest.

Another analytical approach – SWOT-analysis – offers advantages alleged consider hypothetical products (services), disadvantages, and potential opportunities and risks. And, most importantly observe honesty ourselves better to be safe and exaggerate the problem, than suddenly her face.

Actually, SWOT is one of the techniques of strategic planning. Abberviatura from English: strengths, weaknesses, opportunities, and threats. Advantages, disadvantages, opportunities and risks.

Deliberate use of any analytical approach is that it helps to see the business idea of ​​volume, including its implementation. To correct the identified deficiencies and find other ways of development.