In Lagos for example, the chances of
someone else implementing your idea are particularly high. In a city
filled with many industrious people seeking to take advantage of the
next best opportunity, delaying execution of your business may be
detrimental.
In basic terms, it is equally important
to execute a business idea than to lay so much emphasis on a perfecting a
business plan. Here are some practical tips to get you started in
planning your business:
Visualise the Idea: Before developing a
business idea, ensure that it is a venture that you believe in, you are
passionate about and its execution will make a significant impact to the
target market. It is also important for you to be convinced that this
business is something you will enjoy doing, and you have the ability to
endure the struggle and overtime hours of work that are inevitable to
successfully run your venture.
Conduct Basic Research: It is crucial to
do basic market research on the product or service you intend to launch
into the market. You can start by engaging people about your venture
like family, friends and even professionals in your industry of
interest. These people will be able to give you honest feedback. Also
use available online resources that can provide guidance towards the
direction you should be going in implementing your business idea.
Possess a Go-getter Mentality: After you
have a clear picture of the next step to take, you must be willing to
commit both time and resources to get you underway and take the risk of
putting your idea out there. As an entrepreneur, your business is bound
to either succeed or fail, and this should not discourage you from doing
the needful in implementing your business idea.
Test the Market: Avoid wasting time and
resources to perfect a plan rather than executing the business. Launch a
beta version of your product and test the market with close relatives,
friends, professionals and anyone who can give you feedback on your
product. Constructive criticism from these people will give you
first-hand market response about your product and will ultimately help
you fine-tune your business idea to suit the target market.
Get the Right Team: Hiring the right
team of people is vital for any business to succeed. Entrepreneurs
typically fall under two types of leaders; they are either visionaries
and see the big picture of what they want implemented, or they are
experts in their field of business but lack strong marketing and
operational skills. Either way it is necessary to hire the right staff
who can fill your skill gaps, understand the core values of your company
and ultimately accelerate growth in the business.
Launch your Business: It is key to
launch your product or service to the market on a small-scale and
gradually expand. At this point, you are already getting feedback from
your customers and this will enable you improve your product or service
overtime. Branding is also important at this point, as it will make a
lasting impression about what you are offering.
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