HOW TO FINALIZE YOUR BUSINESS IDEA?

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HOW TO FINALIZE YOUR BUSINESS IDEA?

Hello from Mr. Vijay Wankhede!

Mr. Vijay Wankhede- an entrepreneur, business consultant, writer, speaker and investor has come again this time with a guide with which you can finalize your business ideas and can start your business journey.

How do you know if you have a good idea for a business? One of biggest challenges as a Business owner or a Startup owner is figuring out which ideas to pursue and which ideas to put on the back. No matter who you are or how big you hope to grow your business, figuring out what product to build and what services to offer is a huge challenge.

Mr. Vijay Wankhede has come with the guide which will help you to decide which idea you can take forward to the next step. When you are first considering a new business idea, skip the business plan and start with a Lean Plan or a simple elevator pitch to jot down the basic components of your idea. At an initial level it is important to know the idea in depth. Below are the few questions about the idea and being an owner of the idea you must know the answers of these questions before thinking to take your idea to the next level. Read the Questions and answer the questions.

·         Why are you doing this? What’s your mission? All new businesses need a sense of purpose. Are you trying to improve people’s lives in some way? What are the core differentiators of your business that set you apart from the next person trying to build a similar business?

·         What problem are you solving? You need to be solving some sort of real problem that exists in the world. If you are not solving a problem for potential customers, then how will you get people to buy your product or service?

·         Who are you solving this problem for? As important as having a problem to solve, is having customers that have this problem. Knowing who your ideal customer is and how you can find them is critical to starting a successful business.

·         How are your potential customers solving their problem today? This is where you want to write down a few notes about your competition. What choices do your customers have today? How is your solution better?

·         Do you think you can make money or you can continue this idea for a long term?

This approach to figuring out if you have a good business idea means starting much smaller than you might have originally thought but it is very beneficial and important to finalize the right idea for you.

Once you find the answers of the above Questions in a positive way and you feel confident about the idea after answering these questions then your idea is all set to be taken to next step of planning stage.

Hope this guide will be helpful to you for finalising your business idea and to start your business journey. If you still have some doubts about any topic or need any help in your business journey you are free to contact us. We are here to help you to give you complete business assistance and Consultancy and to take your business to new heights.