Determining the right entrepreneurial ideas can be daunting however, this article explains in simple terms how this can be done.
It begins by giving a brief definition of idea, closely followed by assessing the right entrepreneurial ideas.
Here requirements used in determining the right ideas and how to ensure it leads to business success are discussed. Subsequently, the importance of right ideas to entrepreneurs is discussed then practicable examples of successful entrepreneurial ideas are addressed.
Subsequently, the role of courage in delivering right entrepreneurial ideas is explored.
Finally, the main points are summarized in the conclusion section.
Idea can be said to be the conception, thoughts and notion of any serious mental activity. Usually it is the picture of what comes to mind when one thinks of something (Dictionary.com 2011).
Assessing the Right Entrepreneurial Ideas
Having known what idea is based on the above definition, likely one will think determining the right entrepreneurial idea should be a simple thing.
So the questions that need to be answered are: What constitutes a good idea? How does one go about looking for one? And when you find the right idea, how do you know the idea will be good enough to turn into a successful business?
Bridge (2006) posits that the first requirement of a good business idea is that it should be able to solve a problem. So look around you what makes you nut? Or how can you be better served?
Turn such a problem into a magnificent solution to benefit yourself and billions of unsatisfied customers in that business area around the world.
This is the basic thing to look out for right entrepreneurial ideas. Indeed finding potential ideas is to start seeing every problem in life as an opportunity. Finding incredible ideas is one thing, determining if it is right for you is another thing.
To determine if the idea is right for you call for being passionate about the idea (Thornberry 2006), once you are passionate about something, there will be more commitment on the business.
Once this is done, you will be able to work freely on your idea since it is something you have a drive for and you can better communicate such when there is passion (Hall 2001).
Importance of Right ideas to Entrepreneurs
Bridge (2006) further maintained that among the things that deter would-be entrepreneurs from taking the plunge and setting up their own business is the lack of a promising idea.
Therefore, a successful business entrepreneur starts from an idea. However, not all ideas are the right ones. Moreover, having good ideas that can solve problems does not necessarily mean it will result in successful businesses, though it is the very first step in realising your entrepreneurial dream.
The thing is, if it is an idea you are passionate about, after researching on your area of interest, set your priorities right, believe in yourself and come up with a business plan. Developing a business plan that interests you will help formalize your thinking about the business (Kiesner 2009).
The business plan is the blue print of the whole business. It shows actions you need to take to deliver on your ideas.
Learn and develop the successful entrepreneurial qualities or characteristics outlined by Thornberry (2006) to help you in your business which includes: (1) Internal locus of control, (2) Tolerance for ambiguity, (3) Willingness to hire people smarter than oneself, (4) A consistent drive to create, built, or change things, (5) A passion for an opportunity, (6) A sense of urgency, (7) Perseverance, (8) Resilience, (9) Optimism, (10) Sense of humour about oneself. These characteristics are discussed fully in our article Developing the mindset of Entrepreneurs.
Practicable Examples of Successful Entrepreneurial Ideas
As Bridge (2006) pointed out, your idea need not be complicated to be successful. Have you ever thought of those little corrugated cardboard sleeves you get in Starbucks so your hands don’t get burnt on the cup?
Or serviette sometimes known as napkin used at the table for wiping the mouth while eating? These might look insignificant but we need to use them and as we do, someone somewhere is making money for making life so convenient for us in these regard.
Most importantly, make sure your idea is practicable. As an entrepreneur, you might need time to do some research about the product or service you are contemplating launching but do not delay unnecessarily else your competitor might outsmart you.
Getting a new idea out there in the market place requires speed, act fast if possible like Richard Branson. Dearlove (2007) refers to Branson’s moves as faster than a speeding bullet when it comes to acting on opportunity or new ideas.
An example was given with regards to Branson’s moves, where Branson ensured Virgin Atlantic Airways was airborne just five months after Branson first discussed the airline idea. Incredible speed of action!!
We might not be a superman/woman in acting as fast as Branson, however, the emphasis is speed of action which is very important in putting the right entrepreneurial ideas to work.
Moreover, the determination to work hard, self-commitment along with having the skills and the know-how to deliver on your ideas are all important factors (Kuczmarski 1996, p. 7; Dearlove 2007)
The Role of Courage in Delivering Right Entrepreneurial Ideas
Courage plays important role in delivering right entrepreneurial ideas. As Moltz (2003, pp.1-2) puts it simply that courage is the entrepreneurial law.
So no matter how nice your idea might seem, it takes more than courage to leave a well-paying job to start a business of your own, that is, if you have one.
What is more The Office of Advocacy at the Small Business Administration (SBA ) cited in (Moltz 2003) “says that 33 percent of all businesses fail in their first two years and more than 50 percent close in the first four years”.
Pretty shocking figures, but why do many people still venture into business? The answer is simple, we desire good and financially secure life and the world we live in celebrates financially successful businessmen like Bill Gates, Michael Dell, and Donald Trump just to mention a few.
We simply ‘covert’ them and want to be like them (Moltz 2003). As we all desire good life, caution should be exercise though since most entrepreneurs have tried severally before getting their ideas right.
Hall (2001, p. 244) attributes most entrepreneurial failures to lack of focus and clinging too long to unrealistic ideas. Thus to get your ideas right from the start, along with the idea develop the entrepreneurial traits and blend them with what the business market wants.
Be flexible, ready to adjust to what the business environment wants which sometimes requires incremental change from the original business plan, while remaining focus toward the overall corporate strategy (Johnson, Scholes & Whittington 2008).
Idea is the thought of serious mental activity. Determining if the idea is a right one requires it being able to solve a problem.
The importance of the right idea means the business has a good start, more to that it should be something we are passionate about, before starting the business it is important we develop a business plan to formalize the business idea and learn successful skills to deliver on the business.
Simple yet practicable examples of successful entrepreneurial ideas were discussed along with the need for speed of action in putting the right entrepreneurial ideas to work.
The article also touched on the role courage plays in delivering right entrepreneurial ideas.
Bridge, R (2006), My Big Idea: 30 Successful Entrepreneurs Reveal How They Found Inspiration, Kogan Page, USA.
Dearlove, D (2007), Business the Richard Branson Way: 10 Secrets of the World's Greatest Brand Builder, Third Edition, Capstone Publishing, UK.
Johnson, G., Scholes, K. & Whittington, R. (2008), Exploring Corporate Strategy (8th ed.), FT Prentice Hall, England.
Kuczmarski, T., D (1996) 'Fostering an innovation mindset', Journal of Consumer Marketing, MCB UNIVERSITY PRESS, Vol. 13, NO. 6, pp. 7-13.
Kiesner, F (2009), Creating Entrepreneurship: Making Miracles Happen, World Scientific Publishing, USA.
Moltz, B (2003), You Need to Be a Little Crazy: The Truth about Starting and Growing Your Business, Dearborn Trade, A Kaplan Professional Company, USA.
Thornberry, N (2006), Lead Like an Entrepreneur, McGraw-Hill, USA.