6 Things you should know to make your business idea commercially viable
As they say – A man without aim is like a ship without captain. The essence here is – you should be well aware about where you are heading or what exactly you want to do.
Many of us have a great business idea, but the lack of correct information/knowledge on how to leverage the project idea or how to make it commercially viable is the real DEVIL.
As entrepreneurs come from varied backgrounds, they do lack upon certain important aspects of how businesses actually work on ground zero. Ofcourse the passion & determination of an entrepreneur is always there in full swings but rather than learning things by trial & error, it is recommended that you learn it much before the execution stage.
Primarily the business idea you are working upon should fit in to following parameters:
1. The business should run without you: Essentially it means that all things should be on paper. It should not happen that in your absence, things go haywire. All things should be clearly mentioned on paper, reflecting the standard operating procedure required to follow it. So that even if people leave, quality or deliverable do not get hampered.
2. Everything should be measurable: Even if your idea is very artistic or hard to measure in numbers, you should figure out a way to convert everything into measurable piece as that will help you knowing whether you are moving northwards or southwards.
3. Room for growth: You should not confine or limit yourself; expand your horizon and discover newer markets to cater.
4. Product Evolution/Innovation: Your product should constantly evolve with time & customer feedback. It should not become redundant or a rigid project idea.
5. Should serve a purpose: The business idea you are working upon should solve a problem or should serve a purpose. If it is not, then you should rethink upon it once again.
6. Sustainable Business: The business idea should generate enough revenues over a period of time & should be self-sustainable. It should not be the case that your business constantly requires external funding or loan to survive.
Do you have more points to add or something to say about it? Let us know.