Idea Or Opportunity ? one important thing to consider when starting a business

[stanny 0]

Many entrepreneurs suffers failure because they not clearly clarify whether the business they found is based on a GREAT BUSINESS OPPORTUNITY or just a GREAT BUSINESS IDEA... actually every great opportunity came from great ideas. But also have to know that not all great idea can become an opportunity. the main factor differentiating these two concept is the time frame. The great ideas always ever once become opportunities for business... some great ideas pop up too fast than it should be, and some other too late. the main concept we should consider is "IS MY BUSINESS IDEA IS TIMELY SUITABLE TO IMPLEMENT?" and if the answer is YES, than that idea is ultimately a GREAT OPPORTUNITY too.

 

My Experience:

I have once founding a business based on great ideas, but it ended as a big failure. $15.000 total I've spent to start a digital printing business. the reason is: there is no suppliers yet for my digital printing supplies nearby the region where i open the business therefore I've damaged my business brand image with a lot of delay when finishing jobs. one year after my business is closed, a digital printing supplies business opened nearby the region, just at the same time with local campaign of governor election. An entrepreneur just quickly open the business just the same as mine before. He do a great success. than i realized that what is once my idea is already became great opportunity at that time.

[sakmac 0]

I suppose but you can't really show ideas in a bad light, because you have to have a great business idea to even have a glimmer o a hope at a great business oppurtinity.

[rpgsearcherz 5]

Looking at this made me think of something regarding business. "It's not what you know, it's who you know."Now that saying comes from a more corporate culture, but regardless it fits into this.The reason is simple : You can have the best idea there is, but without someone willing to back you up on that idea, it will not be a reality.For a very, very strong example, look at Microsoft. Bill Gates was turned down many, many times on his idea for PC's. Everyone said it was worthless, would never catch on, etc.Was his idea bad? Far from it, as we can see today.Once he found someone who was willing to help him(IBM) bring his idea to life, he succeeded. His idea was the PC, his opportunity was IBM.On the other hand, there are many people who start up things that have already been thought of(think cars, social networking websites, PC repair companies, department stores, the list goes on and on) and are still successful. This is because it's the opportunity that matters the most.In terms of how I view opportunity, it is your ability to get your name out to the general public. A lot of things grow from word of mouth. There are many smaller companies that have thrived solely because they passed out the word of their business and others started using them and advertised via word of mouth as well.Of course you can always dispute my feelings by bringing up more situations that don't fall into the same category as I have set up, but at the same time, most of the successful businesses *are* due to opportunity, more than idea.

[networker 0]

The oportunity should be there whencoming up with an idea,otherwise theidea is way too far ahead of it's timeor just plain impractical. Sometimes the sheer cost of doing something,or the amount of labour required make itimpractical.

[mktgpro 0]

The oportunity should be there when

coming up with an idea,otherwise the

idea is way too far ahead of it's time

or just plain impractical.

Sometimes the sheer cost of doing something,

or the amount of labour required make it

impractical.

I fully second that thought. If an idea doesn't open up an opportunity, there's no point dwelling upon it.

 

And to my mind every great idea definitely needs a lot of planning and resources to be developed in to an worthwhile opportunity. And if you think, that you cant implement it, move to the next one.

 

Finally to be able to benefit from a great idea, practical action is a must. Yet again the action should be backed with a lot of forethought, commitment to put in what it takes & sheer grit to make it happen.

[Ousk 0]

Well it's not really a god idea if it's impossible to put in practice. U had to wait for the opportunity. Myself when i come up with an idea i look at the factors and the factors give me the idea. Anyway my question is why did u not started an digital printing supplies business, as you realized the need for one. Let others open a digital printing business and just cash in?

[dualstriker 0]

Well, I personally think that ideas come first before opportunity, though sometimes an idea does not produce opportunity. In a business, a great idea is usually the start of a great business. This can be further proved by looking at some of the profitable companies, both big and small, around the world. Sometimes, it takes an idea to give people opportunities to get rich. Though sometimes, a great idea is not enough to make a person rich. It will also need a great deal of good management to be able to be successful in business.Opportunity can sometimes work its magic on its own. If an opportunity knocks on your door, you must grab it or else you would not know when other great opportunities might come by you. For me, in order to be really 100% successful, you need both a great idea and a great opportunity as two of the main ingredients to a successful business or work.

[chakri 0]

Any business has a golden period when it flourishes. Sometimes it comes soon sometimes it takes long. Many don't have the patience of keeping the business alive with the hope that it will flourish some day. So, if the business is your bread and butter then you are up for some trouble. If not then you can keep it on life support for quite some time and it will be a success. (of course if it is a good idea)

[ianbrind 0]

A good thing to study is the Boston Matrix and the marketing strategies for products/services in each stage.This may give you idea of what you can do to keep ideas afloat.

[SofiaComp 0]

my opinion is that your idea was great, because someone understood it and done it running again, and therefore prosper.As i know people who start their business in an no competition area and therefore become the main business power in that area.

[Digitalidad 0]

I think "strategic planning" would have helped you a lot with your idea. One of its main tools is the SWOT (strenghts, weaknesses, opportunities and threats) matrix. Making one helps you see all the factors involved in your business viewed from inside your company and from outside of it. If you don't know it yet, go Google it. It's a quite good tool and if it's correctly made, it is the basis for generating strategies forfulfilling your objectives.

[freshpub 0]

I think that every good ideas has its opportunities.I think the real secret to business success is research. If you have an idea, and you research your market carefully enough, you will definitely spot opportunities within it. Some of these will be no good for you, maybe because you're in the wrong place, or don't have the money you might need. Doesn't mean that the idea was bad, just not good enough for you.So if you have a good idea, research your market carefully. You might come up with a slightly different business that you had thought up first, but it will probably be better for the change. That might give you the competitive edge you need to make your business a real success.

[Rocksteve 0]

In cost of how I content possibility, it is your noesis to get your establish out to the gross overt. A lot of things discolour from evince of voice. There are some smaller companies that person thrived solely because they passed out the phrase of their acting and others started using them and advertised via word of mouth as wellspring. On the remaining manus, there are umpteen grouping who turn up things that hump already been mentation of(imagine cars, multiethnic networking websites, PC fix companies, section stores, the inclination goes on and on) and are solace prosperous. This is because it's the possibleness that matters the most.

Edited April 9, 2012 by moderator (see edit history)

[sharmiladevi 0]

According to me, idea and opportunity always go hand in hand. A healthy idea is a prelude to good opportunity. An idea includes the knowledge of time, place, situation, how to make an opportunity (so it includes opportunity). So, in my opinion, good idea is necessary for good business.

[Ananya 0]

Its a nice question that can arise in every would be entrepreneur's mind.What actually makes a business a true success.Is it just a nice idea struck once in a fine morning or keeping in view the existing opportunities available currently in the market.I think that a mind blowing idea turns up into an exciting business opportunity only when it strikes a fine balance between what it is called as available resources and opportunity to explore the market to its deepest through those available resources.There can be many opportunities available right now in the market but you can't jump onto every thing because opportunity is available is there. But yes opportunities must be kept in view.Many a time it may happen when you are already well settled in a particular business but still you havto make changes to your existing plans by keeeping in view the changing times. Like There were times when people used to stand in queues to get a Bajaj Scooter but now that when Foreign players like Suzuki,Hyundai started coming in Bajaj had leave their well settled domain and change their product accordingly.One can't make himself emotionally attached to a particular product but have to adapt according to changing times.