Categories
Entrepreneurship

Business Idea Development

Before you start a business, you need to have an idea that can birth the business. Generating a business idea is not an easy task; sometimes, you may experience an “idea block.”

According to Wikipedia, a Business Idea is “A concept that can be used for financial gain that is usually centered on a product or service which can be offered for money.

When thinking of ideas for a business (old or new), it is very important to carry out research, pay attention to details and follow a rigorous development and review process. Follow me…

MARKET NEEDS 

Before an idea is generated, it is wise to carry out research to identify the needs of your target customers. 

CREATION 

Brainstorming is the key to Concept Creation. You must also keep track of all ideas (as no idea is a bad idea), evaluate them and determine which is most valuable and profitable. 

ASSESSMENT 

This involves market research where data about your idea is collected and analyzed. You must assess all aspects of an idea before moving to the next stage. 

PLANNING 

A well-defined business plan will steer your business in the right direction and increase the chances of having a successful product launch. 

DEVELOPMENT 

At this stage, your ideas will be developed. You should create manufacturing and operations processes and market testing plans. 

TESTING 

This stage involves a test market that is as close as practicable to a real market. Here, your prototype will be released to the public. The prototype will be tracked and your test market results will determine whether your idea is valid enough to become a product. 

LAUNCH 

A successful product launch should address whether you have:

  1. A sufficient number of products in existence.
  2. Correct planning and marketing strategies.
  3. Appropriate documentation for your product. 

Business Idea Development can be high-risk, time-consuming and money-consuming, especially if the wrong steps are taken. This is why we go beyond offering courses on Business Enterprise Training at LEAD Resources. We incubate your ideas and give you all the necessary support for a successful product launch. 

Need some help? Contact us for organizational support here.

AUTHOR

Adetoyese Oyedunmade is an Associate Solutions Architect at Lead Resources. She is an Agriculturist by profession and is enthusiastic about entrepreneurship.

Categories
Entrepreneurship

Invisible Economics and the Chain of Consequences

In his book, “The Fortune at the Bottom of the Pyramid,” C. K. Prahalad asserted: “Private Sector could have the greatest impact through creating profitable businesses serving the 5 billion people who represent the “invisible, unserved market.”

The worst thing that could happen to a people is not rejection or death; it is to be INVISIBLE, to be unnoticed. People aren’t just markets. They have dignity, choices, fears and needs that must be served. Sometimes, people are not really invisible; the onlookers are just blind. A society with few entrepreneurs is one with many blind citizens. Blind citizens cannot identify and explore resources, potentials and abundance hence, they perpetuate poverty.

Poverty is the testament that the dignity of a person has been threatened and his needs have been disregarded by self and others. It is the certificate of servitude issued by naïve societies and accepted by clueless citizens who have learned, accepted and endorsed self-helplessness. Poverty is the limit on alternatives. Abundance is the limit breaker. Abundance increases the quality of life; the quality of life improves with access; access is the inclusion of the excluded.

There are deep-seated motives that pass the test of reason and justify the need for entrepreneurship, enterprise, innovation and commerce. They, by far, outweigh the obvious need for survival and exchange. Citizens must organise, learn and self-educate to spot, earn and satisfy their dignity if ever they will disembark from the voyage of despondency. People of all races, cultures and tribes are beings of needs – needs craving attention. Entrepreneurs must be enabled to arise and arise to these cravings.

The Private Sector can institutionalize an enabling environment and push for equal opportunities thereby supplementing the deficiency of bad governance. The Private Sector can democratize access to ease, wealth and bliss. In an organised mode, the Private Sector can guarantee access to credit and uphold the currency of the Nation. This is required to engage the invisible economy and undo its chain of consequences.

LEAD Resources is an ecosystem enabler. We work to support the seamless catalysis of entrepreneurs and innovators. With fit-for-purpose capacity-building programmes such as our Business Enterprise Training and Digital Economy Emerging Managers’ programme, we contribute our quota to end poverty. To learn more about these programmes, contact us here.

AUTHOR

Elkanah Oluyori is a Digital Economy and Innovation Evangelist who is passionate about nation-building and community organizing. He has authored several relevant publications to this effect. Currently, Elkanah is an Associate Solutions Architect at Lead Resources, where he delivers Management and Development Consultancy to citizens, enterprises and the government. Owing to his vast experience in working with local and international development agencies, he leads Strategic Partnership at Reformers of Africa and coordinates West African Network on Peacebuilding (WANEP), FCT.

You may reach him via the following links: