‘You need a viable business model, not just an idea’, said David Silverstein, a global business consultant and CEO of operational strategy consulting firm BMGI,
He also cautioned would-be entrepreneurs against starting a business just for the sake of being a business owner.
All new businesses start with an idea. In fact there is something that many of you are knowledgeable and passionate about, or may be you think you have found a way to fill a gap in the marketplace.
It is a guarantee that there is a way to turn it into a business if you are really focused.
The moment you narrow your list of ideas down to one or two, just do a quick search for existing companies in your chosen kind of work that you want to do.
Always learn what the current brand leaders are doing, and find out how you can do it to its best. If you think your business can deliver something other companies don not, you have got a solid idea and are ready to create a business plan.
Another option is to open a franchise of an established company. The concept, brand following and business model are already in place; all you need is a good location and the means to fund your operation.