Let’s get this straight out of the way: every business is a product of some ideas. To this end, business opportunities generate business ideas, and business ideas give birth to business structures. A business opportunity entails identifying a business prospect, opening, or occasion for serving people and making money from the service.
This means the first step in generating business ideas is to identify business opportunities, or put in another way, to identify people’s problems and ways of solving it for money. This makes business opportunity what every entrepreneur must access, so as to develop a business idea. To this extent, a business idea becomes the platform upon which a business structure is established.
To break this down further, your ability to evaluate peoples’ problems and analyze ways of solving them for money prepares you for business. This means a business idea is actually your own way of reacting or responding to identified problems in any society with a view to solving them. So your desires might open the door to identifying opportunities, which in turn triggers your creativity and primes your mind to design, create, and establish business solutions that will bring in money as due rewards.
It must however be noted that while identified opportunities give birth to business ideas, no idea actually ensures the success of a business. An idea is only a business tool or pre-requisite, and an idea by itself does not guarantee any business success however good.
One of the major functions of a business idea is that it will show you the prospects, strengths and weakness of a proposed business entity. To this extent, a new business idea will provide you with the what, who, which, when, where and even how of a business.
The what stands for which product to produce or service to sell to meet the needs of your identified market. The who are the people or market you want to sell to as a way of solving their problems. The which stands for identified business solutions that will best meet the needs of your market. The when stands for the expected time of starting the business and the where stands for where to cite your business operations, while your how stands for the strategies and marketing techniques that will be deployed to meeting your objectives.
It should be pointed out that getting people to start buying from you or to patronize your business the instant you open is nearly impossible. Businesses take time to grow. The fact that you’re introducing a new product or service into the market does not guarantee that there is actual demands for it. So be double certain that people are willing to pre-order for your products or services before starting production.