You May Not Need A New Business Idea To Succeed

YOU NEED MORE THAN A NEW IDEA TO SUCCEED IN BUSINESS

We are well aware that every good business starts with a good business idea. True as this may be, it has caused many new entrepreneurs to believe that, for a business to succeed, one must have a great business idea only.

Now, new entrepreneurs seek to change from one business idea to the other just to make sure they succeed in business.

In this post, I will let you in on why you may not need a new business idea to succeed. Here are some things you should do.

Understand the Market Needs

A great business idea is just what it is –great. To succeed in your business, you will require more than a great business idea. Many a time people overestimate the relevance of a business idea without first, knowing if the business idea is practical.

What you must know is that, you may not need a new business idea to succeed in your business as long as your business idea caters to a particular need in the environment. The most important aspect of a business idea is its ability to cater for genuine need. What relevance is a solution if it does not solve any problem?

You certainly do not need a new business idea before you can really succeed in business. Just be sure to find genuine need that your business idea is capable of solving. Ensure your business idea has been clearly defined.

Understand the Market Competition

You may have a very good business idea, but you must realize that your business idea is not good enough, alone, to make your business succeed; especially if there is an established competition in your industry.

You must get to know what the activities of the other companies in your industry are. Study them! To do this, you must create a list of the crucial current competitors and even the potential competitors. I bet if you do a critical analysis of the competition you are up against, you will realize you may not need to change your business idea to succeed.

You must be able to ascertain what your competitors are doing right, and also what they are not doing well. Pay close attention to both the current competitors and the potential ones.  This will help you evaluate your strengths and weaknesses.

Right Execution

A good business idea is only as good as the people executing it. Your ability to build the right team of people skilled at executing the needed tasks goes without saying. You may have a very good business idea, but without the right team to execute your business idea and plan, you can as well say goodbye to the success of your business.

Regardless of your business idea, if you have established a very strong team, you should be sure of succeeding in your business.

Be Flexible

This is very important to the success of your business. There is nothing as a perfect business idea. Every successful business today results from its ability to conform and respond positively to change. You may not necessarily change your business idea to succeed; every business is surrounded by so many challenging events, coupled with surprises.

Having a great business idea, or even changing your business idea to a new one does not in any way make your business immune from these challenges. You must be ready to adjust and be flexible when dealing your business.

Have Sufficient Resources

Building your business to succeed requires resources. You may think of resources as just the money, but it goes beyond that. Resources encompass other things such as obtaining loans from investors, seeking mentors and advisors, etc.

As an entrepreneur, you require more than a good business idea to succeed. You must be willing and determined to get all the resources you need for your business idea.

Define your Competitive Advantage

Having a good business idea is great, but as long there are competitors in your industry, you must have a clearly defined competitive advantage that marks you out from your competitors. Show clearly how your business is different from the other businesses. Clearly show how your product or service will be capable of satisfying the needs of customers.

You will have to establish a sustainable long-term competitive advantage. What is your unique selling point? Define clearly what your business will be willing to offer to customers that they cannot get anywhere else.

Build Strong Business Network

Building your business to succeed requires that you be able to establish good business network. Every successful business knows that building strong business network is a key thing that must be established for a business to really succeed. Who do you know? How many people do you know? Who are your business associates?

Great entrepreneurs know that it is not much about great business ideas, but a lot depends on strong business networks. You must ensure you strengthen your relationship with others: friends, family, mentors, peers, etc.

Have a Good Business Plan

Every great and successful business has an equally good business plan. As an entrepreneur, for you to succeed in your business, you must be able to write a good business plan for your business. Your business plan is where you clearly put in words your business goals, and how you will be able to drive successfully your business.

Regardless of the business idea you have, your business cannot truly succeed without a good business plan. One thing you should pay attention to when writing your business plan is to allow a measure of flexibility.

Be Competent

This is very crucial in your business. This is because, of all the things mentioned in this post, competence is the most relevant one. Without it, you will not be able to accomplish the other things. You may want to change your business idea to a new one, but I assure you, without competence you may still not be able to execute your new business idea, and succeed.

I believe you can now see that you need more than a new business idea for you to be able to succeed in your business.

CONCLUSION

Creating a completely different business idea is not the only way to your market less competitive. Many successful business owners have trained themselves to identify missing links in the models of existing business ideas. This indirectly provides them access to rebrand such business idea in a bid to make it preferrable by potential customers.

For instance, a particular soft drink bottling company saw the need to ease people the stress of handling, returning and storing glass bottles. A top business idea was birthed and this paved the way for plastic soft drinks bottles which was later implemented by others. One of the success secrets of Dangote’s investment as a business man is that most of what he produces are products used in the country daily with few or no alternatives. You’ll discover that most of these products have been in production before he started. What he discovered was the missing link.

Agreed. By constant reflections and scouting for problems to solve, you may stumble on new business ideas to invest in. Nonetheless, It’s also good to understand that doing what has been done differently is also creativity. Believe me, a new packaging or adding a new flavour in an existing product may go a long way in making a difference. Because you can’t think up new investment ideas should not stop you from starting your own business.

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