Entrepreneurial Idea Mining

–  Just Find a Need and Fill It, Just Observe a Problem and Solve It.

We’ve been taught that once you’ve got a good idea, and you’re convinced it’s a good idea, then it’s just a matter of presenting it in a clear and logical way, and a reasonable group of people will see it. That takes care of that. The reality is that we’re presenting it to human beings, who have anxieties, contrary opinions, and a constant fear of what any interaction might do to their standing in the group. And then stack on top of that a basic scepticism about new ideas.

Some years back, I attended a training session, during the exceedingly inspiring discourse, the speaker inquired from the audience what type of car each of the audience would like to ride in the nearest future. An excited voice from the back of the spacious hall responded, ‘a blue car’! The hall went into an awkward laughter. What sort of idea was that, not only void but also naïve. To prove naivety of the respondent another voice in the audience just added maybe a blue KIA Picanto. Just like the respondent, many would-be entrepreneurs have an imprecise view of their business idea.

The business idea is simply the mental representation of enterprise, usually; it could be clear and vivid in the mind of one person than another. I have come across people who are not rich enough to own a bicycle that could describe in clear terms the type of house and car they want to own. An idea could be described as something, such as a thought or conception that potentially or actually exists in the mind as a creation of mental activity. This idea could be clearer than one another could.

The idea that is based on what other people or even you want and willing to pay for is what could be referred to as opportunity, thus not all idea is a business opportunity. Without trying to be sounding really harsh but we need to remind ourselves that common sense suggests that not all ‘good’ idea is good or will be useful to everyone or will draw out a naira note from someone pocket. Then it will be really immature to jump at the idea of someone else only because it is working at the moment. Why is it that when one idea is working for something all other people tends to follow suit immediately.

Ideas are worthless until they are out of your head and in front of others. Until they are out of your brain, they are idle no matter how great they are and clear in your vision. This not unconnected to the fact that no one can take it for a spin, it is just like a bulletproof yet to be put in front of anyone who can fire a machine gun at them. Moreover, they are invisible because people do not know about it and cannot feel it.

Thus, one need to consider if the idea will be eye-catching and mind-blowing to many other people and will certainly work correctly in my business atmosphere. One must know if the idea can be executed in the window of opportunity that exist and the individual must be to assess if he has the resources and skill to bring the idea alive or I certainly know some who does and who might want to work with you. One need to know that after a due consideration of all the benefits of the idea, one is certain that there is real need for it and one has pinpointed the exact central  problem or difficulties my idea is expected to solve.

Read Also: Some Part of Entrepreneurship is Genetic…

The entrepreneur needs to be sure that the idea is original, new concept or new combination or adaptation. And what are the immediate or short-term gains or results of the idea that can be anticipated? Will the anticipated return and gain from the idea will be quite adequate and worth the effort and what are the risk factors involve in transforming the idea to business is acceptable. One need to analyse if the long-range benefit anticipated from the idea is worth the resources and if the idea has been fully checked for fault and limitation.

The entrepreneur should also assess if the attempt to transform the idea into business is not expected to create any problem or if the idea will surely change the face of the existing practice. How simple or complex the idea’s execution or implementation would be must have been thought-out. What are the variations of the idea and surely work out several variations of the idea?

Does the idea have a natural sales appeal, is there a market ready for the idea, can target customers/clients afford the idea or will the targeted customers/client will surely buy it, do I need to transform the idea into business as quick as practical. You need to also confirm that none of your colleagues, competitor and a marginal competitor is nursing the idea too and if the idea is competitive enough to remain in the market and survive the heated competition. Is there no possibility of the idea user resistance or difficulty and if the idea fills a real need, so it does not have to be created through promotional and advertising efforts and the idea could be put into operation quick very soon.

After taking the idea soundness test, you must still keep this in mind that the best of idea or the idea that will be appealing to clients and customers are those that could solve a problem. If your idea could solve a bigger problem, then it is even better. Check the record, a real entrepreneur is problem solvers. Bill gate solve the problem of making the personal computer available to the household. Apple pushes the boundary forward.

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