Welcome Guest

Businessex.Com
Home Article Starting Up Idea  What is a Winning Business Idea?

What is a Winning Business Idea?

An idea is the central point to starting a business, so an entrepreneur needs to believe in it to make it a success.

Tags: What is a Winning Business Idea?

BY Entrepreneur  |  Jan 06, 2010 comments ( 0 ) |

Are you going to start a business because someone else has been very successful in the same kind of business?  Or are you going to start a business because the newspapers say this is the hottest upcoming sector? Then do not be surprised when your business goes bust. It is not always a good idea to start a business with a ‘me too’ attitude.

 

Starting a business is most importantly about believing in an idea, the excitement of making it work and the thrill of seeing it frutifying. However given the fact that there are so many lucrative choices available, startups often get confused and in the absence of any concrete guidance, they are not able to make the right choice.

 

Have Faith in Your Idea


Quite a number of entrepreneurs have made it big because they were struck with an innovative idea, an unresolved pain point and made it big. Gulraj Shahpuri, founder of Promise a personality development company for children opines, when you have an exciting idea in your head, the chances of it succeeding to a great extent depends on your faith in the idea. The strong faith within you will enable you to persevere and persist with the idea to make it work. The strength of your faith will help you not to be bogged down by initial setbacks.

 

Look within for Value


You can come down to a winning business idea also by introspecting. Lina Ashar the lady behind Kangaroo Kids says, ‘When you are wondering which business will be successful for you, go back to your childhood days.  Introspect on what it was that interested you most and what was it that you loved doing.’ Generally what we love doing is the same as what we are best at doing. So if you have a combination of special skills which can be leveraged to meet a strongly unfulfilled need of the society around you, your business can rock.

 

Sense Opportunity


Nandini Vaidyanathan, who teaches entrepreneurship and runs a company, Startups, says, you can be successful in your chosen business idea even if you have entered in with a ‘me too’ attitude. You see a lot of activity happening in a particular industry and sense opportunity. Yes you can take the plunge but be sure to create a very strong value addition which others are not offering. This is what can be called as incremental innovation which has been enabled by information technology. Put yourself in the shoes of the customer and understand the pain point that hasn’t been addressed yet. 

 

In today’s scenario however businesses are very complex, requiring a pool of skills. However today’s entrepreneur is smart. Skills and competencies can be acquired too. Another way is to bring in people with complimentary skills and get going... 

 

Please add your comment

Rating
Not readable? Change text. Enter the characters as seen on the image (case insensitive)
  Notify me of follow up comments via e-mail   Subscribe for daily newsletter

Related Articles

Cashing in on the slowdown

BY Entrepreneur

A slowdown is actually a great time to nurture and incubate a small company. Limited resources lead to creative thinking, thoughtful expenditures a...

Making of a financial planner

BY Entrepreneur

Financial planning is one of the fastest growing professions in the world but as far as India is concerned there is a huge demand-supply gap. Wi...

Entrepreneurial Stamp

BY Entrepreneur

Quite a number of times in our career path we are tickled by a desire to start our own enterprise. But such instincts are suppressed again and again b...

Making of an entrepreneur

BY Entrepreneur

Entrepreneur: Sameer NigamProfile: MD & Principal ConsultantCompany: StratBeansAn Indian Institute of Management, Ahmedabad (IIM-A) and IIT Kanpur...

Incubators Nurture Your Startup

BY Entrepreneur

You may have a professional qualification from a top notch college, armed with the expertise that can land you in a cushy job. However when it come...

Choose your business partner well

BY Entrepreneur

The idea of sharing profit might not sound interesting but a good business partner is a boon for an entrepreneur. From sharing responsibilities to inc...

5 mistakes that most start-ups make

BY Entrepreneur

It is alright to make mistakes and learn from them. But it is always better to learn from other peoples’ mistakes. And when it comes to starting...

Business Entities for Startups

BY Entrepreneur

So finally you have mustered all the courage to start your own business. And now a hundred decisions await your approval stamp. One of the most import...

Get Into Business with Partners

BY Entrepreneur

Startups often shy away from starting their business with partners.  Each may have their own peculiar reasons, such as insecurity, the pain of pr...

Bottlenecks to Success

BY Entrepreneur

Starting a business is a risky venture; this is a common notion regarding entrepreneurship. Everyone wants to be an entrepreneur but when it comes to ...

Are You Riding a Rudderless Boat?

BY Entrepreneur

Starting a business is like deciding to ride a rudderless boat in a stormy sea. Though you start with high determination but once you have started ...

Being a Part-Time Entrepreneur

BY Entrepreneur

Launching a startup requires a great commitment of time, energy, financial resources and most importantly compels you to leave a job that provides a r...