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Business Creation IUG
Business Creation IUG
CHAPTER ONE
NOTION OF ENTERPRISE
(CONCEPTUAL APPROACH AND CLASSIFICATION)
Definition of concept
NOTION
ENTERPRISE
BUSINESS IDEAS
A business idea is a concept that can be used for financial gain that is
usually centered on a product or service that can be offered for money.
An idea is the base of the pyramid when it comes to the business as a
whole. The characteristics of a promising business idea are:
Innovative.
• What are the five most significant market players in the industry
in which you categorize your business idea?
• What, where, and how that five major market players offer their
products and services?
• What are the main features of their products or services?
• What are the benefits that they provide to the market with their
products or services?
• What is the resistance of the market related to the entry of new
competitors and how difficult it can be accomplished?
How can you tell if your idea for a business is worth pursuing?
Here are 10 signs to look for.
It might seem obvious, but if Very little no one else is doing what
your business proposes to do, you could have a good idea on
your hands.
One simple way to find out if your business idea is worth pursuing
is to ask people — specifically, people you don't know — whether
they think it's a good idea. This is because all business ideas
must be tested in the court of public opinion.
If you don't know five people you can trust to give you an honest
opinion, you may want to try a different strategy. Many
entrepreneurs test their new ideas at trade shows or consumer
shows. These exhibitions for businesses in a specific industry
attract prospective customers who can give you valuable
feedback about your product or service.
This next strategy for testing your business idea needs little
explanation: if your idea is easy to understand, chances are it's
more likely to succeed with prospective customers or investors.
.
Your heart is in it
(1) A great name and logo that would create a visual explanation
of the business to evoke recognition and interest in finding out
more.
(2) A tag line (is a short text which serves to clarify a thought. It
could be a slogan). It visibly explains what the business is and why
you need it.
Marketing
The most important this to understand when starting a business
is marketing – you can’t use the build it and they will come or the
hope and pray method – you have to be willing to market
yourself.
(2) you need to know the minimum revenue you need to survive
during the first one or 2 years as you establish your business –
and you need a plan to achieve the revenue (“hope” is not a plan).
Idea Validation
By far the most important part of starting your own business is
idea validation. Where most people go wrong is that they think
they need to have an idea first, and then start a business around
that idea. In other words, let me create this thing and then figure
out how to get people to buy it.
Collaboration
(1) Every good entrepreneur needs a solid idea, but I believe that
collaboration, which is key in this day in age, will facilitate more
creativity and improve ideas. Business today, especially in this
economy, is about collaboration—not competition. Who knows,
you may even find your next business partner, which is an
incredible asset that helps balance everything. If you surround
yourself with good, creative people who bring out the best in you
everything else almost always takes care of itself. Good ideas will
flow more readily and your team will find ways to make them
work.
2. Business Consultant
3. Marketing Services
4. Real Estate Business
5. Event Planner
6. Video Production
8. IT Consulting
9. Catering
12. PR Agent
15. Photography
31. Nutritionist
32. Personal Trainer or Fitness Instructor
35. AcademicTutor
39. Housecleaning
You can even take it a step further by communicating with potential clients
through “customer discovery” or attend meetup groups that are in the core
of your business idea.
Here is the thing about good ideas: If you have thought of it, chances are, so
has somebody else. You can delay and tell yourself now is not the right
time to do it, but someone out there hasn’t delayed and will beat you to
the punch. Sure, they may have several failures along the way, but at least
they didn’t put it off so long that it never came to fruition.
But not putting our ideas on paper is the worst form of sabotage.
Start keeping a notebook, pen and paper, napkin and pencil, whichever
tickles your fancy. Once you start thinking on paper you can take your idea
to the next level.
Read this useful article to learn more: The Productive Benefits of Organizing
Your Ideas Outside Your Head
Don’t Swat at Your Idea; Until You SWOT It
Have you thought about your business idea from an objective stand point?
It’s hard to see our own ideas clearly, with our pre-conceived judgments of
what we can and can’t do. If you want to look at your idea from a ‘high-
level’ stand point–that helps you see what you can do with your business in
the real world–then SWOT is for you.
2. More spare time (eventually). Spend more time with your family
and friends. But note: This is only applicable once your business is
established and you have employees handling the majority of necessary
responsibilities. Don’t expect to have more spare time until you reach
this point. In fact, expect to have much less.
3. Call the shots. Nobody else is going to set the rules. You are.
6. Create your own environment. You can set the formality and
culture of your organization.
10. Build a team. You decide who to hire and bring into your company.
11. Create jobs. Improve the economy with new job opportunities.
12. Help people. Use products and services to improve people’s lives.
13. Become an expert. Learn the ropes of your industry through first-
hand experience.
14. Invest in yourself. You take the risk, and you’ll gain the rewards.
15. Make more money. If you want a pay raise, you can give yourself
one.
17. Tax benefits. Write off your biggest expenses Note: while you do
get to write off lots of expenses as an entrepreneur, beware the “self
employment tax.”
18. New challenges every day. Find new ways to stimulate your mind.
23. Delegate boring tasks. Don’t do anything you don’t want to.
24. You can stop working. Work you enjoy doing can’t be described
as “work.”
25. The power to give. Have the power and flexibility to donate time
or money to worthy causes.
27. Improve your industry. Push your industry forward with new
innovations and ideas.
28. Get a mentor. Meet valuable, insightful mentors and learn from
them.
29. Become a mentor. Take your own knowledge and experience, and
mentor someone else.
31. Attend new classes and seminars. Constantly refine your skillset
and stay updated.
32. Have a big office. If you want the biggest office in your workplace,
it’s yours.
33. Work from anywhere. Work from home, an office or a beach if
you so choose.
34. Have the option for multiple ventures. Start another business
when you’re done with this one.
37. Get things done faster. Set your own efficiency rates.
38. Build a personal brand. Take the time to develop your personal
brand, and tie it into your business’s.
39. Get more creative. Create your own opportunities and your own
solutions.
40. Inspire others. Serve as an example for other people to follow their
dreams.
41. Reduce your commute. Find an office space closer to your home.
42. Have more job stability. Never worry about being laid off or fired.
43. Find pride and fulfillment. Finally start taking pride in the work
you’re doing.
45. Learn to embrace failure. Even if you fail, you’ll walk away with
new skills and more experience you never had before.
46. Have a great story to tell. It will be a fun story for your
grandchildren one day, win or lose.
47. Leave something behind. Pass the business down to your children
and grandchildren.
48. Change the world. It may seem like a lofty goal for you right now,
but your business really could change the world.
49. Resources are plentiful. With the dominance of the Internet, it’s
easier than ever to find resources you need, including startup capital,
loans, grants and even mentors.
50. There’s nothing stopping you. What’s really keeping you from
being an entrepreneur? Of course there are risks, but there’s nothing
forcing you not to take them.