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Spotting a gap in the market is one method for generating a business concept. Spotting a gap means that you identify a need or a want for a certain population of the market which isn't currently being served. The gap in the market can occur because of a new technological advancement, a new invention, a change in trends and spending habits of the market or a specific event such as an international event like the Olympic Games or World Youth Day.
There are a number of ways to generate a business concept. I've been told that when I first started this blog that I assumed that you already had an idea that solves a problem that your business can solve. But I've neglected the other entrepreneurs out there who don't have any ideas as of yet and need help in thinking up some lucrative business prospects.
So this post is to help guide you to generate some business concept ideas from brainstorming. Recognise that business ideas usually are...
"Your Primary Aim" is the title of chapter 12 in the best selling business book "The E-Myth Revisited" by Michael Gerber. (I really must recommend you buy this book - it is a must read for all small business owners!) If you read this chapter, it is all in agreement to my previous blog posts. It is important to know who YOU are, what YOUR primary goals are.
Today, we're going to to look at the basic structure business plans. Welcome to the quick guide to a business plan.
I recently had to fill in a marketing survey. It was a big denim (jeans) company surveying about their target market and how their target market sees their product. The questions also ask some demographic questions like eduction, age, income and occupation. Here are the interesting questions which identifies their target market:
This is the final step of poking around in your head before the business planning nitty gritty (research and development). We are going to write your contract to yourself. It is vital we go through the yards of examining your underlying intentions - examining, confirming and building the psychological foundations for you to survive and grow in the long term.
Your external purpose is opposite to our previous task of looking into your personal intentions in this business that you will start (or have already started). In this exercise you will be asking yourself what your product or service would allow your clients and consumers to do. Remember to write down your ideas, then commit yourself by discussing this with your trusted friend(s). Then rewrite your intention into a clear concise sentence or two - this process exactly mirrors the previous step.
As you can see, if you have been following the steps of planning your business, it isn't always about getting down to business. The goal is to succeed in the long term, and we all know that most businesses go belly up in the first years. This due diligence allows us to explore our underlying drive which will carry you the hard yards to succeed in your business. So this is the next step: that is to discover your personal purpose, your personal intentions.
Asking the "why?" question in an important step in your business development. You will continuously be bombarded by people cutting you down and challenging your dreams. That is why it is important that you need to understand your own personal underlying reason why you want to start your business. The answer to the "why" question will be your driving force and strong foundation to propel you forward.
After taking your well earned break and letting those ideas percolate in your head, it is now time to make your ideas your own. What do I mean? How do you do this?