Idea converted into a business

One of the most important thing to start a business would be a good idea. People who have a great idea can start a good business. The success and failure of the business can be dependent on how we execute the idea. Just having an idea alone is not going to help, but using right tools and right people to execute the idea is also an important thing. If we follow the right procedures in executing the idea that comes to our mind, we can have a great successful business.

Solving a problem

This is the emerging point of the idea. For someone who would like to do business, there are a few considerations. First of all, we have to ask ourselves what we are planning to achieve with the business. Sometimes it is also good to consider how unique our idea is and if it is not very common. If there is a problem that we are trying to address then we have to also understand if it was already attempted by someone else or not. We have to go to the root of the problem and understand the problem very well before trying to solve it.

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Doing things better

An idea need not necessarily be something that can solve a problem but it can also be something that can improvise an already available solution. For example, let's say there is already a solution available to a problem and everyone is using that solution. But somewhere down the corner, there will be a few people who may not be happy with the solution or can have another problem statement. Focusing on those problems and trying to do things better can become a great initiative and a new business al together.

We have so many grocery shops and other shops near us. But yet Flipkart and Amazon are very successful. We have to understand why they are very successful. It is the same thing that they are doing but additionally, they have improvised things with the help of technology.

There is one more thing that came to my mind when thinking about doing things better. I have a shop in my locality that sells electronic items. The shop is managed by two brothers. If one brother goes shopping, another brother takes care of the shop and if one brother takes a rest at home the other brother takes care of the shop. They distribute their workload and manage it very well. The business model of the shop is to sell a variety of items for a very small margin. This is an amazing thing. The shop is very small but you can get almost all electronic items from that shop for a very cheap price. The price is very competitive because nobody else would dare to give it that cheap. The main reason this shop wanted to do it that way was to focus on the quantity than the price. They can sell a lot of products for a cheaper price than selling only a few products for a little higher price which is very common in the market.

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Executing the idea

When it comes to the execution part, there is a high chance that people might get distracted or lose focus from their core idea. Some people start a business with some great ideas and start doing something else that is not what they initially thought of doing. This can make us lose focus and ultimately we cannot guarantee the success of the business. When the execution of the idea happens, there will be other sub ideas emerging in our brain but we should have the focus set right and the main idea should be the thing and we shouldn't get distracted from the main idea.

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