Rules for Business Success – #2 Define Your Business Concept


Successful businesses stem from a desire to provide as many people as possible with products and services that they absolutely need and absolutely want.

When developing your business concept, you should focus your attention and creativity on basic things that people need and want. Then you can plan on how to improve, expand and enhance your core business proposition.

Although passions is the first most important ingredient for success, it could guide you in many directions. But you should stay focussed on a goal, as you harness that passion for starting or growing your business. It is important to think about your business ideas in a clear and disciplined way.

Once you identify what your customers need and want, then concentrate on how to present to them your business proposition. Try to envision yourself in the place of your customer. Ask yourself if your business idea is useful, practical and affordable.

Out of frustration often comes a good idea

When you are alert and tuned into the world around you, it is interesting to note how often your personal frustration can help you define your business concept. For example, if you lose your job and you have no other means for making a living, by freelancing in your area of expertise you can identify an opportunity to build a business.

Too many business ideas

As you compile your list of ideas for starting or growing a business and begin researching which ones are most viable, it is important but also great fun to brainstorm, bringing forth as many ideas as possible. You can discuss your ideas with your co-workers and your friends, and take their opinions and suggestions into consideration. Then incorporate the most useful of them into your business concept.

Different is not always better

There is no inherent value in something simply because it is different. For example, sweeping sums of money have been made throughout history by people who sell commodities: staples like coffee, oil, or silver. There is no new or unique way to spur demand for these items, but impeccable timing in buying and selling is the key that makes investing in commodities profitable.

For example, during a recession consumers respond very well to bargains and discount stores. Therefore, it is wiser to move with the flow than to oppose by trying to introduce luxurious and expensive product.

Unless you sense that your customers envision something different as something better, it does not pay just to be different. This could be, for example, an  upscale bakery or gourmet store if you live in a high profile neighborhood.


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