1/10 Define your Business Idea

This article is part of our “Start-up Series” and 1st amongst the 10 articles which we are going to publish, hope this will enhance your practical understanding in this matter and create awareness.

The only thing that really matters in to the business is the idea” – Harvey Firestone.

Idea is the primary thing behind every successful business. While starting the venture, you don’t have to focus on selling the products or services, your focus should be on selling the idea. Idea which is dealing with solving the existing problems in a different way which can save either time, cost or effort. How your idea is different from the existing solutions available in the Market? The best investor in your business is your customer. Put yourself in to the shoes of your customer then decide how can you provide better solution to the existing problem.

You just have to focus on a problem or roadblocks around you, that can give you ample of ideas to start the business.  Anything that causes the discomfort around you is enough for you to look forward the solution for the same and set up the venture which can provide solution to that. For e.g. people don’t want to visit multiple shops for buying groceries so the concept of malls came into existence that gives you option so shopping under one roof or likewise people don’t have time for shopping or preparing food so concept of online shopping and online food delivery were in place.

Who would have thought booking cab would be so easy and will costs less than travelling in rickshaw, thanks to Ola cabs. This idea was formed after a weekend trip on a rented car had gone bad for Mr. Bhavish Aggarwal (founder of Ola Cabs) as he wanted to bring transparency and convenience to consumers in this area. So, the crux is any problem or road block which you can simplify it can be your business idea.

For thinking in this direction your mind should be free from your routine work. When your mind is occupied with the multiple and routine things, you cannot focus in this direction. A fresh mind can build new and innovative ideas for which you don’t have to be a scientist or great thinker. Just evaluate your surroundings and make assessment of market conditions which can provide ample of opportunities around you. While evaluating opportunities, you can read nice books also. As this can give you level of comfort and confidence in your thinking process and level of understanding. You can learn new things and help you to shape your future. As per the research, successful people spend 80% of their time in reading it can be books, magazines or newspapers.

Till this step you must have got the idea of your business or if you already have an idea of what you want to sell then do a quick research of market in which you want to sell the idea. Learn from the current trend in the market and if you think you can deliver something better which others are not doing in the market then you can start your venture.

To conclude, I would say always remember that people want to do business with you because you help them in getting what they want and not what you want from them. If this article has helped you in evaluating your thought process as an entrepreneur then our purpose is served.

                            ©Pratima Gupta & Co.|| All Rights Reserved

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