I have a Great Business Idea, What Should I do Next?

Business Idea
Caption: Business Idea

If you want to start a business, startup, and become a successful entrepreneur. most probably you think in your mind before executing the business or pitch someone by using the given sentences below—– I have a business idea, I got a cool business idea, I have an awesome business idea, I have a great business idea, I got a unique business idea, and so on. 

But But But, wait!!!!!!!

Do you know, According to review 42 website, 9 out of 10 new startups fail in the first 5 years globally, also according to the IBM institute of business value and oxford economics, 90% of Indian startups fail in the first 5 years. 

But the question is why?

Well, we will discuss this later in the dedicated article. But in this article, you will get complete steps to execute your business idea effectively along with what things you should be considered first as an entrepreneur.

Let’s dive – 

Start by assessing yourself: Can I be an entrepreneur or a businessman?

  1. An entrepreneur is defined as a “working professional”.
  2. An entrepreneur is defined as “The person who organizes, manages, and takes on the risk of his business.”

When starting a business, you must understand that it will require more of you than just being a businessman or entrepreneur. You will have to organize, manage and take on the financial and legal risks and responsibilities for your business. Don’t start your business just because you have exhausted all your other options.

To determine if you have the potential to be an entrepreneur, ask yourself the following questions (and then assess if you are an entrepreneur):

  • What are my goals? What do I hope to achieve?
  • Can I be organized?
  • Can I be resourceful?
  • Am I willing to take the risk?
  • Can I persist in pursuing my goals?
  • Am I willing to invest my time and finances?
  • Do I have the appropriate business skills and life experience to take this venture?
  • Am I confident in myself?
  • Do I have patience, perseverance, passion and purpose?
  • Can I think with my head and not with my heart?
  • Am I afraid to make mistakes?
  • Can I be competitive?

Now that you have a business idea that suits your business goals and lifestyle, you need to evaluate the idea.

You need to be passionate about your idea without being emotional, and your home business needs a goal: Why do you want to start this business?, What market do you want to enter, and how much income to receive?

You will need persistence and patience because, like everyone else, you will have problems along the way.

Set reasonable goals, let your dream inspire you, and help you strive. Your goals should be clear and crisp, but not set in stone. you will need to adapt them to your strategy as needed.

knock knock……If you want to become a successful entrepreneur, here is the entrepreneurial bible for you – Click here

The next step is writing a business plan:

Things to avoid in a business plan:

Finding the best idea for your business is exciting. Once you have found what you were looking for, you will be full of enthusiasm and energy. However, if you act in a hurry, you run the risk of making 3 main mistakes that people make when they start:

  • Do not have a clear and detailed business idea of ​​what kind of business they want to create.
  • Do not test how their business ideas resonate with clients.
  • Do not compile a detailed checklist of tasks that must be completed before starting the project.

This does not mean that you have to spend flying days writing a lengthy business plan. The best business plans are very simple and easy to remember, point by point. And the best of the best are those that can be written on one sheet of paper.

Developing a business plan for your new business:

In our experience, the ideal format for a business plan is a spreadsheet. This will make you think clearly and express each element of the plan in one sentence in a cell of the spreadsheet.

An effective, no-nonsense business plan consists of the following components:

  • Vision – A mental picture of what you want to achieve. 
  • Mission – How you are going to achieve it, from the client’s point of view. 
  • Goal – The goals are to outline what you want to achieve at least in the next 3 months. How many clients and how much income do you expect to receive? 
  • Competitors – Their strengths and weaknesses and how you will compete with them. 
  • Marketing plan –  Should be an effective marketing plan & strategy to dominate with your competitors
  • Income plan – How you plan to grow your income and profits.
  • Cash Flow Planning – Payments and fees, you need to make sure you have enough working capital (cash to cover your daily needs). 
  • Action plan – A list of weekly tasks required to implement this plan.
  • And last but not least – Start with a lean approach along with low investment & analyze the success ratio. 

Here is the business bible for you – how to analyze the success ratio for your business idea & startup

As a result, you will have a complete and specific list of actions to organize your business. Good luck to you!

Business Idea
Caption: Business Idea

Well If you have already started your business you can list at our dhandho Karo marketplace for free to get online visibility or buy business services and get support from Dhandho Karo professionals for your startup

What is your opinion apart and related to this article, comment below…

Suraj Kr. Prakash
Suraj Kr. Prakash is the chief editor and founder of Dhandho Karo, who has been writing since he could hold a crayon to a page. He writes articles for Business and Marketing to assist entrepreneurs, startups, and freelancers in their endeavors. You can find him mentoring students or watching documentaries when he's not working.