The fastest way
to actualize your idea is to turn it into a manageable project. This means
systematically working on and executing its procedures and tasks as if it is a
project. To do this, basic knowledge of project management is important. Consider
your business Idea as a project. Like a project, break down every aspects of it into
timed, manageable smaller parts. This gives room to think of your idea with a
set time of carrying it out. First, write down what your business idea is
about—the vacuum you wish to fill in the market—in plain paper. Break it down
to manageable tasks and set dates to them.
It is rewarding
to view your business idea as a project and then plan its startup phase.
To turn your
business idea to a workable project, follow these procedures.
1.
Initiate
the (business) idea.
Like a normal project, you, as the
primary stakeholder, need to initiate your business idea. Here, you detail the
need for your type of business in the market and identify its uniqueness, determine
what market need your business will satisfy (reason for its existence), determine
the primary requirements for its running and management, highlight some
prominent competitors and determine the basic financial, material and HR needs
for your business. This should help you be clear if this business idea is worth
pursuing or not. It is a colossal waste of time and resource to pursue an idea
in a well saturated market, or with a small target client environment.
When you are clear on this, do a
first business proposal draft. This is probably not for fund-raising, but it
will greatly help you put your business idea in a clearer perspective. Talk it
through with a trusted mentor, friend who can objectively criticize it. The
idea may be fantastic but if it is not sellable, drop it and surf again.
POINT OF NOTE (PERSONAL TO-DO LIST):
a. Take a course in training Project Management. PMDC can help you achieve this.
b. Develop a business plan. Download Sample.
c. Learn all necessary trade secrets, earn all needed experiences for your potential business before you venture in.
d. Register your generic business name with CAC, make it professional. Contact us for help.
POINT OF NOTE (PERSONAL TO-DO LIST):
a. Take a course in training Project Management. PMDC can help you achieve this.
b. Develop a business plan. Download Sample.
c. Learn all necessary trade secrets, earn all needed experiences for your potential business before you venture in.
d. Register your generic business name with CAC, make it professional. Contact us for help.
