Today, we are in the age of start-ups. Not every start-up has enjoyed a flying start. But there are start-up businesses that have skyrocketed from the word go. In this post, we examine the key attributes that make all the difference between success and failure. For a start, read this for loads of motivation but stay away from the beaten track. The resource we have identified for you deals with producing milk without cattle! Your thoughts should gravitate towards such out of the box thinking.
Businesses thrive on competition. Without competition, you are likely to turn arrogant and lose customer focus. With competition, you are always on your toes because you need to protect your customer base and market share. Undoubtedly, this part of any business is no cake-walk and you need loads of information flow, acumen and the right set of tools to keep tracking every bit of activity impacting your business on an every day, or even by the minute basis. Therefore, the first step towards new business in today’s environment is going through a learning curve and getting an in-depth of all the tools that can help you.
Business Ideas are not Bottled and Sold in Supermarkets
Did you also know that the hugely successful ‘Magic Kingdom’ from Disneyland as we all know it today, germinated from a family vacation? Walt Disney was in one of Europe’s amusement parks – the oldest among all. Sitting there, he suddenly realized that he can replicate a better and bigger version back in California. The key in this example is that great entrepreneurs draw motivation from opportunities floating around in our everyday lives. The Disney experience demonstrates that B school learning for years or hard thinking, perhaps over several bottles of liquor are not the ways to find new business ideas. Conversely, you need to train your faculties to think and also act in a way that can bring untapped opportunities to light, and when this happens, you can find inspiration from a sea of things around you.
Focus on your Own Frustrations For a Start
Most of us do have our cup of frustrations. Why not start exploring solutions to quell your own frustrations. Is there a commercial potential in the solutions that you come up with? Are they existing solutions and if yes, can you improve upon them to make it more attractive for the consumers? If solutions do not exist can you carve out one and do you have the resource base to go about converting the idea into a service or product? Another methodology is to look around and see jobs or opportunities that others have brushed aside, ignored or failed to effectively address. A potential opportunity lies behind each of these findings. Remember to keep a list of your findings and do not rely merely on your memory. In today’s digital world, you can conveniently keep notes on your mobiles phones without having to get back home and access the old world pen and paper.
TR Business Consulting is an Australian business with adequate experience and expertise having helped many new businesses across the nation. You can rely on their experience for guidance and assistance.
Choose Diverse Places For New Business Ideas
Creativity is the centre stone of ideas and thrives on diversity and novelty. As we mentioned before, great ideas germinate in most unexpected surroundings, times, and totally distinct environments. When you are pursuing this effort, keep the focus for new ideas, look at everything that across differently and unearth the hidden opportunities. Let us imagine that you are in the midst of a few dozen youngsters who can benefit from some training in say ‘ personal finance in the workplace’ and you have the wherewithal to impart the training. Isn’t that a see for a new business? The opportunity to train young professionals can spread across territories and businesses.
Once you have found a viable idea, the next step is to put it down in writing and dissect the thought and finely shred it. Shred the thought? Yes, at times this is essential to examine every inch before launching the thought into a serious business. Do a SWOT (Strengths, weaknesses, opportunities, and threats) analysis of the thought and use a magnifier to analyse every word you put in the 4 parts of the analysis.
Study the market potential to start a training business if your SWOT analysis is encouraging. But, be honest with the SWOT analysis because that can make all the difference between success and failure. Talk to everyone who can assist you, taking care not to give away the core of your thinking. Others need not know that you are planning to set up this business. Before you jump start the business, you should be wholly convinced that you have all the key factors needed to take the business forward.
Test The Waters
Test the waters without revealing your business objective. Find opportunities to impart the training and offer a few free sessions with different audience receiving the training. If all the pieces in the jigsaw puzzle are in place, soon people will be talking about your training and soon you can expect a stream of interested people asking for your service
Consider The Potential Life Span of Your Business
The life span of any business is crucial for consistency. Selling a few products here and there may not produce consistent business. In today’s technology driven world, training opportunities are abundant and new opportunities are bound to keep coming. What is your own level of expertise in imparting training? Can you find equally competent people to support you as the business grows? What are your financial goals and constraints? If you develop this thought into a full-fledged business, consider your capabilities to head a growing business. Can you lean on some family elders for mature guidance?
The training business suggested above, is merely an example to help you in the right direction. The digital world has a sea of resources to assist you and it can take some focused time digging out what is most helpful to you.