Introduction and recap
Previously on conceiving an idea, we established the need to identify problems either within or outside your environment that could be solved in the context of business. Various avenues through which an idea could be conceived were pointed out. For instance, avenues such as reading of books on business, attending business seminars among others were indicated. In the quest to becoming an entrepreneur either locally or internationally, the means of conceiving any business idea is very important. However, having any business idea as was initially revealed, is liken to a foetus that needs development through favourable conditions. A foetus grows until the moment it is birthed. Let us note that not every fotus/foetus gets born, such situations will be discussed later in the context of a failed process in business. It is worth noting that failure is also a part of the winning process. Let us now walk through the subject of developing and acting the idea.
(2) Developing the conceived business idea
To help us better understand the development process, I have divided it into two main phases. These phases include (a) writing down the idea and (b) answering the questions on how, where and when.
(a) Writing down the idea
This is where one migrates from just thinking about an idea to actually writing the idea down; this is an imperative step. In writing down the ideas, do not complicate the writing, ensure a language or a style that makes the idea easy to read and understand. For safety and security of the idea, it’s advisable to write in a way only you understand best (I call this shielding the idea due to the personal experience of losing a brilliant business idea in the past). The habit of writing down ideas in a diary, pocket book and memo books should be part of every business minded fellow. A fruitful idea may be forgotten when one fails to write it down for future reference. Never trust the mind fully to remember all but rather support the mind by doting things safely in your memo book or diary. Most uneducated people often do share some critical ideas with their children or certain confidants. The rational is to avoid forgetting the idea.
Having written down the main idea, there is now the need for brain-storming to follow. Brain-storming here relates to critically thinking through the idea guided by meaningful questions. Attach these questions to the business idea using annotations or arrows and try answering them. Questions such as how, where and when should be properly answered in extensive detail. The importance of this simple activity is ultimately revealed in the level of information you would have gathered in an attempt to answer the questions. This takes us to the second phase on the how, where and when part of developing the idea.
(b) The how?
The question on how is key in determining the means and resources needed to bring an idea into fruition. The means will lead you to certain experts whose knowledge or know-how would be critical in manifesting the business idea. Every business idea requires you to consult a group of people with particular skillsets. In the advent of technology, the internet could be a great means for information. Let me point out that, there are certain areas in business for which information or experts are hard to find. However, more often than not, there will be some information available in other forms. Depending on the nature of the idea, answering the how could either be simple exercise or a demanding one. For example, the how of an idea to be a petty retailer of vegetables may be less demanding than the how of entering into a venture on water purification. Irrespective of the size of every operation, the reality remains; how can you bring an idea into fruition? The how, technically is exploring various ways to carrying out the bright idea. One needs to spend some time researching into this idea, seek counselling and read relevant books. Gather substantial details on the possible ways/means and be sure the blue-print of the idea is rightly in place. Having obtained much details on ways to develop your idea, the next thing to deal with is the where.
(c) Where?
For every business to be successful, a strategic environment is needed. Today, the where transcends a physical place with several virtual (i.e. Internet based) platforms offering larger areas for business. Despite the internet offering the world as a global village, one still needs to identify a suitable environment for the supposed business. The importance of the where is to make one conscious on the fact that, business should be placed where it is needed the most. Every product or idea in business must target a certain market where the products/services will make a difference. For example, if one wants to build groceries store, the fellow must investigate where to locate that store in order for it to serve the most people. This is a key reason why various malls are located strategically and not just anywhere. The focus is on where the functionality of the mall will be most appreciated. Some may go to the extent of conducting feasibility surveys to evaluate things like the population density as well as the financial status of certain areas, this will instruct the size of investment to be made. Such surveys are important for every business to be established no matter how small or big. Do well to evaluate where to place the business. A well examined environment is crucial for the fruitful growth of the business. Once the details on the how and where are established, the ideal time to take off is placed under the when (part of acting the idea). Now the when factor;
(d) When?
This part is the most crucial part, the reason being that many get locked up here. To cross this line demands a lot of determination and effort. I call this the real grounds only for the go getters. There are much challenges at this point but is possible to cross this line as others have broken forth over the years. Many are full of beautiful ideas but many of these great ideas commonly die at this point. For others, the idea dies here due to lack of capital and/or means of funding, for some, it is the moment of reality where they recognize that things are more demanding than they initially envisioned. To others still, they realized that similar ideas have already been developed by other people. All this sounds complicated but surely a handful of people still sail through successfully.
Much more insight on the when will be given in the next episode – acting on the idea. In this episode, I will share an aspect on the success story of a mini-scale business group started in1998. I have been part of such operations since my family played a key role.
Next episode: acting on the idea, join SamNunoo@ onthenavigator.com
Stay blessed and keep safe!
