Many people especially the youths with their youthful exuberance are quick to jump to the conclusion that their idea is a great one and they will make much money from it once they run it as a business.
One question worth noting here is this; is a great idea all what it takes to start and run a successful business?
I’m pretty sure you agree with me that the answer to this very important but scarcely asked question is NO.
The fact is every Business starts with an idea. You can’t have a business when you have no idea.
So having an idea is just the first of several steps to starting and running a successful business.
To ensure that the business that you start from the idea that you get is successful in every regard there are more pertinent things that you have to consider.
Some of these include;
A good team:
“If you want to go fast, go alone but if you want to go far, go with people”. As the saying rightly says, you can only go far if you work with others.
In starting Businesses, usually the youths are in a haste to chalk some successes. What you need to understand is that, building a successful business is a process that requires patience and perserverance, and not by rushing through things.
With a team made up of people of diverse characteristics, you’re bound to learn some of these things the hard way but trust me you, it’s worth it a million times. Read Neil Patel’s article on the why it’s important to have a good team to succeed in business.
Money is not everything, you don’t need so much money to start a business, so they say. Do you agree to that?
The truth of the matter is that capital requirements is Business-specific, whiles some businesses requires close to nothing to start, some others will cost a fortune to.
Hence it’s important to identify the kind of business you want to start and get the appropriate capital to start before you launch the idea.
Do well to forecast into the business and determine how much capital you would require to run the business for at least the first 6 months and possible ways you are going to generate that amount.
In one of our recent posts, we wrote about some businesses that one can start with little to no money. Read it here
Feasibility of the business:
A key thing to do before jump-starting a business is to conduct feasibility studies.
In the most basic level, it implies you finding out if people like the idea you have and will be willing to pay for the services you may be offering or the products you will produce.
Check what other people in that niche are doing, what is bringing them customers and the vice versa. If you think your finding is supportive enough then you can throw all your weights behind your idea and turn it into your dream business.
You can get a free feasibility study template for your personal use. Click here to download.
Knowledge and skills:
The advice that I got, that I have always stucked to is; “Never venture a business that you don’t understand”.
This is the same advise I give you today, only get into it if you have a fair knowledge about it and you are ready to upgrade yourself in terms of the knowledge or skills required.
Besides you can get yourself a team well vexed in that area so they handle those aspects that you may not be competent to.
These and many more others complemented with a great idea will definitely lead to a successful business.
Remember, that the great idea is a piece of the puzzle and without it too the puzzle can’t be fully completed.
Keep on trying because you will eventually get it done well. My vision for writing these posts is that the youths especially students in Ghana will rise to the occasion and create as many substantive start-ups as possible which will go a long way to help manage the canker of unemployment bathing our dear motherland. I believe you can and thus you will.