The human mind consciously and sometimes subconsciously is a thought generating machine and a self-propelling processor of thoughts. The mind does not only processed thoughts it also warehouses these thoughts which are thrown up for human use.
A though or its combination gives birth to an idea or ideas. The distinction between thought and idea lies in the fact that thoughts are suggestions that caught the fancy of the human mind while ideas are the purpose and intent-driven processed thought.
Findings have shown that business ideas don’t originate in a vacuum, and in most cases, they are formed from the deliberate and intentional thought process, brainstorming session, attention to needs in an environment or during a discussion with people of like minds.
In the words of Earl Nightingale “Whatever we plant in our subconscious mind and nourish with repetition and emotion will one day become a reality”
WHAT IS A BUSINESS IDEA?
It is important to state from the onset that business idea is not a cast in the shadow or an out of the blue generating concept. The distinguishing elements of a business idea are its intentionality; driven by the value proposition and the goal to make financial gain by offering products or services to the consumers for money.
IS A BUSINESS DIFFERENT FROM A COMPANY?
It is pertinent to make it clear that a business is not the same thing as a company. Though used interchangeably, however, it is erroneous because their purposes are a pole apart and opposites.
Let’s start with a company, it is an incorporated body registered and regulated by law. A company is formed to serve the interest of its owners, investors and its directors and deliver a good return on their investment.
I am sure that you would have heard of companies that were incorporated and had never been in business. That is the truth and examples are varied.
On the other hand, a business is defined by its customers and the ability of the company to meet their needs.
It should be clear also, according to Peter Drucker, the purpose of a business is to create customers, constantly innovative and adapt to their changing tastes and values.
A business without customers would naturally cease to exist and become a liability to its owners.
WHAT ARE THE CHARACTERISTICS OF A GOOD BUSINESS IDEA?
- IDENTIFY AND SOLVE A PROBLEM.
The viable start point for a promising business is to look around its environment for a problem that it can meet and solve. A Customer pays for a solution and not a product or service. If you have a product that does not solve a problem nobody will be willing to pay for such. Look at Uber transportation innovative solution that makes it easier for commuters to book tax online using an application. The same is being copied today simply because it solves a problem.
- THE IDEA MUST BE COMPELLING ENOUGH TO MOTIVATE THE ORIGINATOR (S) TO MOVE INTO TAKING AN ACTION
Any idea that does not move you into taking positive action at ensuring its realization is still at the level of mere though. Actions here would include putting the idea in writing (Business plan), studying its viability and marketing approach (feasibility Study), considering the sources of raising fund (personal, joint or through co-funding or co-founding with the like of FasterCapital) and considering the product launch (Viable Market Product).
- IT MUST BE CUSTOMER-FOCUSED
The reason why a business exists is to meet the needs of its customers, hence, businesses focus and activities should be customer-centric and customer-driven. Today businesses are paying attention to the feedback of their customers and indeed, customer-focused businesses do wait for feedback but they make their customer co-creator and partners in product design.
- PROFIT ORIENTED
It has been my opinion that profit is not the primary objective of a business; however, it is a reward for a job well done. Unless the customers are satisfied and pleased with your products and services you cannot make a profit. While a business should pay attention to profitability as a measurement for its acceptance in the market, the fundamental should be a satisfied customer. Make him happy, he will come for more.
- UNIQUE (UNIQUE SELLING PROPOSITION)
GOKADA, OPAY, MAX-G, etc. are businesses with unique approaches to transportation using motor-bikes in Nigeria, Africa. It would be realized that hitherto some Federating States had banned the use of motorbikes as means of transportation, however, their business model using a mobile application and internet facilitation prompted their acceptance into the mainstream of public transportation as we speak today.
Any business that would attract the attention of financiers and the customers must be unique and stand out from competitors their selling points must be quality, creativity, first to market advantage and sometimes pricing.
According to Wikipedia, innovation is defined as “ a new idea, creative thoughts, new imaginations in the form of device or methods”. It went further to say, that Innovation is seen also like the application of BETTER SOLUTIONS that meet NEW REQUIREMENTS, unarticulated needs or EXISTING MARKET NEEDS”.
Attention should be drawn to the fact that innovation is a combination of idea, thoughts, imagination and the offering of better solutions to meet a non-existing or an existing need.”
Innovation is the soul of business and if a business must continue to remain relevant, it must be creative and constantly innovate.
Innovation should be seen essentially as the process or method of “translating an idea into a good or service that creates value” for the customer
An idea should ultimately be translated into goods and services that the customers are willing to pay for. To achieve this product and service must be designed and taken to the market. The market does not necessarily translate to the physical market it could be virtual or online. Marketing decisions must be properly evaluated and considered crucial in generating a prosperous business idea.
I have deliberately listed funding as the least criterion in generating a good business idea. It is in actual fact the least because the good idea would sell if the steps highlighted above are diligently followed.
However, for the purpose of this write-up, funding of business idea could be done personally through savings, divestment from an existing investment, raising money from family, friends or financial institutions, sourcing for the fund through angel investors, venture capitalist or through virtual incubators that provide co-founding and, or co-funding.
CO-FOUNDING AND CO-FUNDING THE FASTERCAPITAL APPROACH.
FasterCapital offers unique support for startups and entrepreneurs with outstanding business ideas. Using her network of investors, mentors, and representatives in major cities of the world, the organization goes into partnership arrangement that recognized the original creator (s) of the idea as the rightful owner of the business.
FasterCapital gives expert counsel and technical backing as a stakeholder in the new business through investment of up to 50% and sometimes giving multiple rounds of funding to ensure that the startup products and services are solidly launched the market.
FasterCapital operates a no CASH POLICY meaning that in place of the organization’s investment in the startup EQUITY is held while the entrepreneur is expected to raised or have raised 50% of the remaining capital for the business.
CONDITION OF ACCEPTANCE
- Bring your idea
- Your business plan
- Raise 50% of the seed fund
- Work with a dedicated team
- Validation of potential business idea
- A thorough study of the business plan
- Evaluation of the Financial forecast
- Validation of the founders
- Receive six votes out of nine from the board of evaluators.
- All done within 7 to 14 days
- Visit to submit your application www.fastercapital.com/entrepreneur/joinus.html and reference Kayode Ibukunoluwa Micah
ACTION TO TAKE: We only accept startups in information technology, software development, Internet and mobile-related businesses.
Contact Kayode Ibukunoluwa-Micah ( Representative) and push your idea farther.