“A business idea might or may not be an opportunity”
Even large businesses can fail, and startups may fail. There are many factors that determine the fate of large and small businesses, but it is worth running a business to identify potential opportunities and ideas.
Let’s try to explain the difference. An idea is like an impression or seed of a concept, or a thought that revolves around a product or service. An idea that doesn’t have enough commercial validation to become a viable opportunity. The care and nurturing required by a gardener to make a seedling into a tree is called opportunity. It needs to be provided with good soil, sunlight, a proper environment, and protection from weather extremes.
It is possible for a business idea to not be a business opportunity. One must filter through the ideas and determine if they are viable business opportunities. These ideas often remain unacted upon because they lack the courage, resources or money to act. People who are brave enough to act often see their dreams fall apart due to a lack of vision or lack of preparation. The success or failure of a business must be the responsibility of the owner or management, regardless of the circumstances. Entrepreneurs who are successful at turning ideas into business opportunities are known for their ability to turn them around. They take action. They act to make it happen. It takes effort, time and resources. Your idea has a vast canvas. It is possible to take an idea from secret pickling to space tourism and turn it into tangible opportunities.
Strategic Fit: To fully understand the market and to realistically consider your capabilities, you must be able provide that.
Business plan: Writing a business plan can help turn an idea into a potential opportunity. This allows you to explore all options and ask difficult questions.
A team is essential to make an idea a reality. Each person is not equipped with the necessary knowledge and skills to transform the situation.
Leadership: When you have a team of people, it is crucial to provide the right leadership to lead the development from idea into opportunity.
Resources Planning will give you an idea of the resources required to make your idea a reality.
Uber Cabs is a great example to illustrate the point. There was an insatiable need for taxis at affordable prices all over the globe. The capital of India, Delhi, needs both private and public transport options. Uber came up with the brilliant idea of filling this gap using its extremely cool, android-based app available on Google Play. It is revolutionizing how technology can be used every day. Globally, business plans should have been well written and incorporated market-specific feedback. They had to quickly find drivers and create a team. Visionary team also invested in the application to make it more robust and easier to use. We will soon hear from them if they are planning to add cars to Ola’s fleet to continue to make the most of the possibilities.