Editor’s note: Mutiu Iyanda, the ZENITHBLOG.com partner blogger, in this article explains three factors entrepreneurs should consider before sharing their business ideas with others
His blogs are http://ift.tt/2iVtmAV, http://ift.tt/2iUENXl
He could also be contacted via: +2348141374490, +2348062544816
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It is a known fact that prospective business owners are not always opened to sharing their business ideas with people. They tend to guard their ideas jealously. This happens not only in Africa but across the world.
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On the contrary, business analysts and management experts believe that communicating one’s ideas with people or a group is crucial to the creation of new ventures and sustaining them. Here are top three realities or reasons you need to consider before making up your mind not to share that lucrative business idea you possessed.
A lady sharing her business idea with her colleagues
1. Business plan developed through strategic thinking
Some potential entrepreneurs in developing countries believe their ideas will succeed without a business plan. What they fail to realise is that a business plan contains the right strategies and tactics that will guide their proposed ideas towards the attainment of corporate goals, ensuring their profitability.
One critical thing such people also missed is that having such written document helps to stay focused and provide a written proof of how to raise capital and grow the business successfully. Suffice to note that the development of a business plan is not a ‘one person show’.
It requires collective efforts of different categories of people in the industry prospective entrepreneur intends to exploit. Even if you could perfectly write a business plan you still need to approach qualified experts such as professional business advisers.
They have the skills and techniques for turning out every part of your plan into the eye-catching prospectus for the investors and banks’ officials while seeking loans or equity. In other words, your plan would be strategically tailored to the needs of the investors and banks.
2. Getting right business model
It is true that your idea is a cool one and everyone around love it. But, one of the reasons many businesses fail is the failure to adopt the right business model. Every business endeavor must has a model that could actually drive the processes, people, and technologies that would create the values people want and are ready to pay for.
So, the question remains, what’s the right business model for your marketplace? If you are doubting on the right answer to the question, then it is highly advisable for you to have a chat with business advisers, who have the key to the right business model. If you believe that having business model does not require
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For a business to be successful and compete favourably with others, the model should be developed diligently with a specific focus on how it would bring solutions to issues and needs of the society. This core principle has to be relevant at initial, growth and maturity stages of the business. Advisers are in a position to give you the unbiased opinion on the right model your business need during starting and growth phase of your business.
3. Equip with cutting-edge growth, competitive and turnaround strategies
My idea is good so I will be successful, that is a belief every entrepreneur nurtures in their heart. Nobody is in doubt of how lucrative your idea is, but you need to realise that today’s successful businesses are not running on that alone.
Globally, the business environment is getting more competitive everyday with the emergence of new offerings and the rendering of better quality services to customers. That is why you should not underestimate strategic advice of professional business advisors, who have insights and knowledge across hundreds of businesses and industries.
Mutiu is a research and communications professional.
He has a special interest in qualitative and quantitative methods of finding solutions to social and communication issues.
He currently works with Enterprations Limited, a management consulting company, which also provides a platform for working class professionals and aspiring entrepreneurs to own their business.
Enterprations offers strategic tools such as business plan, growth plan and turnaround plan among others for established and aspiring businesses.
Mutiu Iyanda
The views expressed in this article are the author’s own and do not necessarily represent the editorial policy of ZENITHBLOG.com.
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