Choosing The Business To Run

Should that idea be born out of experience, savoir-faire, Every business creation project starts with an idea. creativity, or simple coincidence, it mostly takes the form of an intuition or a desire that deepens and grows with time.

There are many different types of ideas. The more the idea is new, the more one has to wonder on its acceptability in the market. The more it is a trite (not original), the more one has to wonder on its ability to generate income in a market where it already satisfies the demands of most customers.

For instance:
If you choose to sell doughnuts in an area where there are other doughnut sellers, then it becomes important you ask yourself the following question “What additional stuff will my doughnuts have over the ones already sold, which will push the consumers to come buy my doughnuts rather than continue to buy where they always did? - Is it a new recipe, hence a new taste? A reduction in the price? A different package? A better selling site? …” Answering the question will help you decide whether to continue selling or not.

The different types of ideas

When the business venture is known

Here, things may appear less risky because the idea is well known, due to the fact that it corresponds to a job done for many years now.
However, it pays to be careful because the professional is an expert in his domain, yet he does not necessarily masters the other activities involved in the creation of a business or enterprise, (management, marketing…).

Getting inspired by the ideas of others

To create a business or enterprise by getting inspiration from other people’s ideas, one has to be on the look-out for anything new, happening around, or elsewhere, in terms of new products and new consumption methods.

Finding a partner

It is common to see “little” geniuses who do not know how to sell their skills. If you lack ideas, then just get hold of one of them, enter into partnership with him, and create an enterprise. Even when this genius would want to move from his idea to an enterprise, he’ll still face the problem of financing. In this case, if you have the money with no idea, you two get into partnership to create an enterprise. Anyway, such opportunities tend to be scarce. In some countries, partnerships (notably those amongst nationals) are favoured by the Chambers of Commerce. The latter regularly organise stock exchange transactions where those with ideas meet those with money, or other professionals with complementary skills.

Buying an enterprise

Taking over an enterprise, is certainly a good idea. The advantage is that it has already been tested. But seldom will one get hold of a sound enterprise for sale. Anyway, it remains possible by getting close to bankers, management consultants, or the Chamber of Commerce.

Reading the specialised press

There are very few of them in our countries, and even the ones seen in the stalls (newspapers), are mostly from Europe. The lucrative ideas they propose are mostly appropriate for a European context, thus their further application in a different environment rather than a European context will require some more or less serious modifications.

Making use of friends