Many individuals would really like to own a business. A great majority believe all they need is start-up capital. I mean, they honestly would launch that great thing, only if, some miracle money popped up into their accounts. However, we’ve previously shown that venturing into business is by far a precarious endeavor.
So for now, I wish to suggest a few things on the issue of business idea development. Business idea conception can be pretty frustrating, but its development is as equally frustrating. Most aspiring entrepreneurs, tend to assume too much in this regard. Not that I hate being ambitious. But being too ambitious can be as deadly.
All do have an idea, but very few have viable business ideas. Not all ideas can thrive in the business market. Though many disregard this fact. Customer preferences, fluctuations and many other market forces determine the feasibility of a proposed business entity. So without proper understanding of these, any business venture can and will fail.
But first, why should anyone even consider starting their own business? Why go into self-employment? After all, in school we were taught to be employees to some company or institution. Entrepreneurship is a smart investment for some, not all.
People choose to become self-employed for many reasons, including greater independence and flexibility. But they also consider the downsides, such as the long hours and lack of benefits.
As part of your decision-making process, you should weigh the pros and cons of starting a business, along with your own reasons for seeking self-employment. For example, hoping to make a lot of money quickly can lead you into trouble. But if you feel passionate about developing an idea, self-employment may be right for you. – Dennis Vilorio in Self-employment: What to know to be your own boss
It is apparent that selfish motives behind own-business-thoughts can be suicidal. Quick cash isn’t a given. Like those business giants, even start-ups will struggle. Law of the jungle characterizes the business world. The survival of the fittest. By, “the fittest” I mean well thought-out business ideas with proper development.
Essentially, entrepreneurs need ideas to start and grow their entrepreneurial ventures. Generating ideas is an innovative and creative process. Sometimes, the most difficult aspect of starting a business is coming up with a business idea.
Even if you have a general business idea in mind, it usually needs to go through fine-tuning processes. Fruitful ideas often occur at points where your skill set, your hobbies and interests, and your social networks intersect. In other words, the best ideas for a new business are likely to come from activities and people that you already know well.
Dennis Vilorio in Self-employment further posits that, self-employment is hard work, especially during the first few years. Entrepreneurs may have difficulty finding clients, earning a steady income, securing business loans, and navigating laws. These challenges add up to financial risk and uncertainty.
Take note, a good business idea does not necessarily have to be a unique or new product or service.