We have just begun the year 2021, and already it looks more challenging than its predecessor. In the worst scenario, some are going to lose jobs again, graduates will be continuously be brought to “an almost dead economy” and unemployment rates will be on a rise. Having another income generating project or business could be a better idea, but where do ideas come from and how can they be brought to life?
Where do ideas come from?
We are surrounded by a lot of business ideas and or opportunities, but we can only find them when we are looking for them.
Ideas are mainly driven by problems and they come as solutions to a certain problem. A business idea in most cases should address the question “which problem are you solving?” It can also be followed up with the question, “is the problem worth solving?” As in, are clients going to pay for your services and or products, is it important enough to them? So next time when you see a shortage of a certain product, that’s a business idea. When you struggle in accessing a product and or service, that’s a business idea. When you have a feeling that something is lacking, or there is a void in a certain industry, that’s a business idea.
We are now in an ever changing world, and changes presents opportunities. Once upon a time, they was no cell phones, no internet and no emancipation of women. When those changes were brought to us, they disrupted some things and presented opportunities to others. The coming of cell phones brought Econet Wireless to life and it is still harnessing from the mobile phone technology through a number of Econet and Cassava Subsidiaries. The coming of internet gave birth to digitisation, and we have seen the rise of e-commerce, online entertainment and internet devices such as Smart TVs, MI-fi devices, wait a moment, do we manufacture any of these devices in Zimbabwe? I don’t have an answer yet, but that’s how change brings in ideas. Changes may also be due to crisis and or change of policies. The covid-19 pandemic contributed to the growth of zoom, Nash TV and other internet based companies, the recent barn of mercury also presents a lot of business opportunities.
Business idea also come from opportunities surrounding us. Zimbabwe is a country that has a lot of natural resources such as minerals, wind, sun, water and fertile land. All these natural resources present opportunities for us to harness from them. Look at what is surrounding you, what do you have most and cannot you not monetize from it? You are in a location surrounded by boarding schools, and you are capable of growing sugar beans, which they require on almost a daily basis, doesn’t that present an opportunity one can monetize from?
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Giving the idea life
One way of giving an idea life is by crafting a business plan. It enables you to employ a number of analytical tools such as PEST and SWOT Analysis. These tools enables you to project what might contribute to the success or failure of your business.
A business plan enables you to project barriers to growth hence coming up with possible solutions. It can also act as a guideline to the business and enables you to understand your own business more. To add on, it gives you a hint of the amount of money you would need to invest in the company before it becomes self-sustaining or returning. An entrepreneur can benefit a lot from a business plan, and it’s critical to develop that for every business venture you decide to go for.
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Last but not least, when you are done with planning, execute with optimism, it won’t be easy, but it might be worth it at the end. Be flexible and also adapt to the market needs.
The Entrepreneurial Magazine Team Wishes you a prosperous New Year, May you make the best out of it!