How to select Business Idea

At the time of selecting business ideas; we should think on its feasibility in all ways. List the selected ideas and just give priority according to feasibility. Make checklist for selecting ideas and checkpoints are customers demand, production capacity, units capability, funds required(fixed cost+variable cost), manpower required, profit.

Most of the time everybody starts to calculate or judge profit but the very very first thing comes i.e. customers demand, customers need. If truly there is requirement of products which are in your mind then obviously you should think on next parameters like production capacity, units capability etc.

Business Idea:

Field wise idea we can choose like manufacturing field, sales & marketing, service, transportation, fashion etc.

In which field we have a knowledge, judgement and most important is an interest. Make our interest as a business then we will love it, enjoy it.

Business Idea is based on Innovation, Requirement, Common/Uncommon.

Innovative ideas: are the ideas which are not existing or if any idea exists then it is to be implemented in new methodology by which everybody will be benefited.

Requirement: Business runs only when there is requirement from the consumer. Any kind of need or requirement leads to motivate Entrepreneur for manufacturing & supplying the goods.

Common/Uncommon: Common ideas are also drives the business. Common ideas means the ideas which are existing & uncommon ideas(which solves problem in innovative manner) are always demanded.

 

 

 

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