Your business ideas are sparks of your studied imagination. You get a bright idea in your mind based on your experience and learning and from what you read and reflect upon about how others have gone through. You think your idea is really great. Having mulled it over, you feel that it can be translated into commercial success. But how you do that? It is simple follow the seven stages given here:
1. Write down your business idea in clear and concise English. Improve the draft once again. Check it up to see whether it makes sense to you and to an ordinary reader. Now your spark of imagination is transformed into a concrete idea
2. The second step is to morph your idea into a business concept. A business concept is defined as the result of organized thought of your business idea. It has several limbs structured into a useful form. Let me give an example: you draw few dots vertically or horizontally on a paper. When you link each dots you get a vertical or a horizontal line. In this case, dots are ideas; line is your concept. Typically a business concept has limbs such as profit motive, product as unique value proposition, how the product fits the market needs, how it performs against competition, the cost of product, its revenue generation and finally how it services your overhead and gives you profits. If you have a business concept developed then you will be able to take charge and influence the outcome of your efforts in a business because a well-designed business concept gives you direction, motivation and tenacity.
3. You must test your business concept to ensure whether it is feasible or not. Feasibility must be ascertained as against regulatory environment, economics, environmental issues, marketing parameters, financial viability, technological excellence and social acceptability
4. Once the feasibility is positive then you have to prepare a detailed proposal in the form of a business plan, bringing out details of all the functions of a business organization including corporate management, administration, marketing, production, finance and human resource into a cohesive entity to produce and sell your unique product
5. Guidelines are to be prepared in the next stage where policies and procedures for each department are developed in order to make the business as a going concern. Generally, a budget is drawn for each department and rolled over every year. Segmental plans in product development, market development and human resource development would be detailed. Your investment plan in physical assets and human resources is also dovetailed. Moreover the time and duration of each stage of the business development are also noted
6. Implementing your business plan is the next action step. When you do this invariably you will concentrate on business growth and development along with having safeguards to cover yourself from any eventuality
7. Monitoring progress and adjusting your budget, target, goals along with amending your plan is the seventh and final stage in making your business idea a successful one. As you reach this point you have become mature, experienced and skilled business person. You are ready to take your business to higher levels as you go on.
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