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Posted: 2005-04-18 / Author:

Turning Your Good Idea Into A Great Business

No matter how confident you feel about your good idea - others (your customers) need to feel the same way too. Imagine how you would view your business idea if you were the customer. Your idea needs to be attractive to customers to create a market, viable to allow you to make a profit and sustainable to support you longer term.

Purpose of Class
Great businesses start with good ideas. That’s also how they end unless backed up by viability tests, research and sound business practice.

Key Points
Good business ideas do not have to be novel, original or revolutionary, they have to be viable and marketable However, it is not good to be identical to another business - you need something to distinguish you from the competition If your good idea is backed up by your established skills and knowledge in those areas, you are more likely to succeed. If not, you need to acquire the skills and knowledge first. Hobbies and crafts can be turned into businesses, but just because you enjoy something or are good at it, doesn’t automatically make it viable as a business The market is critical in determining the success or failure of your business. Lack of market research, turns your business idea into a gamble.

Five Questions This Class Will Answer
1. What are your skills in a) your subject area, b) in running a business?
2. What makes a good market?
3. How do you define your good idea and check how successful your business will be?
4. How can you determine if your business idea is competitive and profitable?
5. How can you explain your business idea in a way that will appeal to others?

Five Problems This Class Can Help You To Overcome
1. People know about their subject, but don’t know how to make it into a business
2. People underestimate the time and effort that is required to turn a good idea into a business
3. People fail to make financial plans to support themselves while they are establishing their new business
4. People fail to conduct proper research to establish the best market - or if there is a market at all
5. People fail to set aims, objectives, targets and plans and wonder why their business drifts into failure

R 142.76

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