Continuation of First Topic... »Implementation of Business idea A common mistake that most people make is not to identify the difference between a business idea and a business opportunity. An idea is mostly about a product or service that would be nice to have but not really necessary. Whilst an opportunity satisfies an already existing need of the product/service, in which the potential customers are willing to pay for. This therefore means that the Business idea could be good but still be a bad business opportunity. This happens a lot in the service industry, especially in Swaziland. It takes more than just painting a vivid picture for one to be convinced that your service is a good business opportunity. This is one of the reasons why our entertainment industry has less investors than necessary. By knowing the difference between the two, one becomes ready to Implement. Knowing the difference will determine on how much effort is needed when implementing, in terms of Market Research, Costs to be incurred, determining the quantities needed and the outcome of a transaction. Example; When I was CEO at Enactus, a brilliant idea of introducing Party Buses in Swaziland was raised in our Strategic Planning Meeting. It took us weeks to decide on whether this was something that would be nice to have or a good business opportunity. What I discovered from this endeavour was that what you could see a great business opportunity may not be viewed the same way by other stakeholders. Some times it takes a lot of determination and research to convince others to buy into the idea and regard it as a good business opportunity. If you cant convince your own colleagues, then there is a lot that needs to be done, because you will be dealing with sponsors or investors that would careless about how you feel or how long it took you to generate the idea, all the want to see is an OPPORTUNITY to make money. In conclusion I say, contemplate on your idea, identity a business opportunity in it, then IMPLEMENT. Do share your thoughts... #KnowYourBusiness
Posted on: Tue, 15 Oct 2013 05:04:45 +0000