Planting The Seed:
The Entrepreneurial Concept
The typical entrepreneur is always on the lookout for a new idea. Inspiration can strike at any time: while driving, lying in bed, or working on something else. Then challenge for them is picking the right idea and moving forward to planning and executing that idea.
Some of the criteria that entrepreneurs need to consider when contemplating their ideas include:
- Market Size: An idea may be genius, but if it can only be utilized by a handful of potential customers, it may prove to be the wrong project to pursue.
- Complexity: While the market size may be sufficient to pursue a project, it may prove to be too complex — too many employees needed, too much R&D required, dependency on too many suppliers, etc, etc. If a business idea can’t be executed by a small handful of founding team members, at least at first, it may not be the best idea.
- Cost: An opportunity may have a great market and be fairly simple, but the cost of getting it off the ground is just too high. Land acquisition, construction, initial inventory, marketing costs, etc all may prove to be too high to get the project started. Projects that can be ramped up over time with additional infusions of capital from investors paid in when targeted goals are met, are usually the types of plans that succeed.
Coming up with innovative and exciting ideas is what entrepreneurship is all about Choosing the right one takes careful analysis, and a failure to do so may doom a project before it even gets started. Choose wisely, and the likelihood of success increases dramatically!