HOW TO CREATE A SUCCESSFUL BUSINESS IDEA- THE MAGIC FORMULA

Table Of Content

• Introduction
• TERMS GLOSSARY
• BUSINESS SECTORS
• The Magic Formula:
• THE END AND NEXT ARTICLE

Introduction

“Don’t find customers for your products, rather look for products for your customers”, says Seth Godin, a wise business mentor. Going by Godin, before an entrepreneur embarks on the production of any good or service, he should be filling a need. In other words, there should be ready customers in dire need of that product or service.

Hence, providing a solution to their problems creates a business; a good example is the building of low-cost houses for a community with an increasing price of house rent or a scarcity of houses. While most mentors advise people to invest, they do not directly teach people how to create successful business ideas. That is the magic formula we are providing in this article.

LEARN THE 5 MAGIC PILLARS OF SUCCESS.

A Glossary of Terms

• A business idea is a clear vision or concept inside someone that can be developed to generate income.
• An entrepreneur is someone who finds new ways [ideas] to solve problems around him, creating companies and hence wealth in the process.
• These are issues that are worrying to a customer that they will spend money to deal with. This is, in fact, what attracts an entrepreneur to nurse the idea of setting up a business in a particular sector and locality.
• Customers are people who will pay for goods and services provided by entrepreneurs. They drive entrepreneurs looking for new ways [formula] to solve their problems. Customers may be part of a locality, community which is National or International.
• Formularity is a unique way an entrepreneur uses to solve problems for customers. This formula might be new, cheaper, unique, and much more appealing than any other solution provided by other competitors.

See also: 7 Ways Entrepreneurs Are Different From Employees

Some examples of business sectors are:

There are one million and one business sectors and sub-sectors around. Some are popular, while some are less popular. Some less popular sectors may become popular with globalization, changes in trends in technology, demography, politics, and economic and social factors. Examples of these sectors and sub-sectors include:

• Agriculture; crop and animal production, forestry, aquaculture, agro business, transformation and processing etc.
• Oil and Gas: extraction, refining, engineering, distribution, cleaning.
• Mining, sales and distribution
• Employment and recruitment,
• professional services,
• Security,
• Sports and fitness,
• Health,
• Telecommunication,
• Education and Training,
• Transports and logistics
• Banking and finance,
• Real estate,
• Waste management,
• Whole sales and retail services,
• automobile,
• Power and energy.

See also: How to Succeed in Entrepreneurship

A detailed list of all business sectors and sub-sectors will be provided in our next article.

Business people and entrepreneurs always face the challenge of identifying a particular sector that is lucrative and feasible to invest in. Follow me as we discover the magic formula that can help you create a successful business idea. Be rest assured, it is within your reach. You can create an idea in any sector of your choice, it is not rocket science.

The magic formula

Let us begin with the following assumptions:

• Business Sector = “B.S.”; This is a list of business sectors that exist.
• Sub Sector = “S.S.”; This is a list of subsectors of the above main business sectors that you can research.
• Available Sectors = “A.S.”; This is a list of business sectors already available or being carried out in your community or areas where you wish to establish.
• Non Available Sectors= {N.A.S};    these are business sectors that are not available or being carried out in your community or locality, where you intend to carry out your business. Non Available Sectors are of two types namely;
• These are business sectors in your community or locality where you want to operate that are in high demand but are not currently available to customers.This is a potential business idea or sector.
• “Non-Available Sector on Low Demand” = “N.A.S.LD”; these are sectors of goods and services that are not available but are not highly demanded by the customers.
• This sector does not constitute a potential business idea. but might do so in the future with changes in some demographic and technological trends.

see also: How to find new business opportunities around you

The magic formula, therefore, to create a good business idea is to simply subtract all the non-available businesses which are in low demand from all the non-available businesses;

That is, Business Idea {B.I} = Non Available Sector {N.A.S} – Non Available Sector on Low Demand {N.A.S.LD}.

Therefore, B.I = N.A.S—N.A.S.LD

However, N.A.S – N.A.S.LD = N.A.S.HD.

Therefore  B.I =     N.A.S.HD­­_­.

Conclusion:

    From above, to easily create a business idea, an entrepreneur has to checklist business sectors {B.S} in his or her community which are Non Available Sectors {N.A}. This is your potential business idea. We say this because this sector is highly demanded by customer but no company is providing the good and services.

You are therefore coming in to produce goods and services already needed by a segment of the population. The entrepreneur will therefore have no need to look for customers for his goods or services but rather provide a solution to customers who where just waiting.

Then the saying goes ‘‘don’t find customers for your products, find products for your customers…’’

On the other hand, some business sectors might be available in your community but are not providing all the services or goods they are required to produce or provide. A good business idea will be created by anyone who comes to fill the lapses of these available businesses.

In our subsequent article, we will be considering different business sectors, whether they are available or not, and how to create business ideas or opportunities around them. This website deals with precise details on how to create and develop business ideas in different sectors.

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