It takes a great deal of thinking, conceptualization and planning to come up with a business idea – one your folks and knowledgeable people in that field will consider great. Great in the sense that it has the potential to be successful if given a chance to run.
When Les Brown said “The graveyard is the richest place on earth”, he was talking about people, call them Talkerpreneurs, who have good ideas but keep waiting and end up passing on without implementing them.
It’s important to take time and do thorough market research and also mobilize resources but sometimes we do it for way too long that we end up not implementing a would be successful business. Below are five signs to show that your business idea is disposed for execution.
1. You have nothing new to add to the idea
After doing in-depth research about a business you’re planning to start, time comes when you know who your clients are, what their estimated income is, how much they’re willing to pay for the products. If you took a step further to research about your competition, you should be in position to gauge your competitors’ strengths and weaknesses. If you have all that and still feel your business has a chance to hit the ground running, then you’re good to start.
2. The idea intersects with your hobbies
If there is anything dangerous in business, it’s doing a business you have no passion for but probably just ventured into it for monitory purposes.
Easier to start and sustain a business that’s in line with the things you love to do with little or no capital than to keep a business you bear no passion for, even if you have more than enough capital.
Emmanuel Maseruka of Malaika Media, once told me he would rather do photography and sleep on an empty stomach than do some random work earning him a fortune. To him, passion is the starting point.
We all have that one thing that feel good doing and perhaps have an idea how we can make money doing that. If you have one such idea, then you’re just holding yourself back from success if you don’t start implementing it now.
3. You have more than half of what you need to begin
We all have probably heard somebody say something like “I want to start doing ABC when I raise about a million shillings.” Or “I want to do XYZ but I haven’t yet gotten an appropriate person to run it.” Folks have all sorts of excuses for not beginning. Whereas some have genuine problems holding them back and would only be hanging themselves if they forced their way through without addressing those issues, for others it’s straight-up procrastination.
If you have a business idea that when you think through, you realize everything is set but you just haven’t started, then it’s you holding it back – consider beginning.
4. You are able to run it while on your current job
There is truth to the statement that we, as humans, fear the unknown and this fear cuts across age, sex and the unknown at hand. More than 75% of employees in corporate organizations either have a side business running or are planning to start one. Many of those planning to start end up not starting because they think it might be hard to balance between their new business and their job probably because they think it’s very involving and might require them to leave their current job if they’re to do it well.
In business, there are ventures that don’t require you to test depth of the river with both feet. Such ventures are good and are worth giving a shot.
5. You have a lot of competition but still see your business surviving because the market is large
One would think that since there are already hundreds of Matatu’s thronging Nairobi roads every day, it wouldn’t be appropriate to venture into Matatu business in the City. Same thing in Kampala: some people would consider it a bad move to invest in a computer sales business along Kampala road in the city center because there are already hundreds of folks doing the same.
There are certain markets around us that can never be exhausted and whoever comes in just needs to offer a great service and they’ll make money. Businesses that serve such markets are commendable.
Writer, Entrepreneur, Website Developer and Fitness Enthusiast.
Latest posts by Gerard Mugema (see all)