• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Entrepreneurship In A Box

Entrepreneurship In A Box

Increase your business potential energy

  • startup
  • entrepreneur
  • marketing
  • sales
  • management
  • technology
  • finances
  • about
  • contact

You Have a Business Idea, So What’s Next You Need to Do?

business idea what is next
Tweet5
Share1
Pin12
Share10
Buffer69
97 Shares

A business idea is a starting point for any current or future entrepreneurs. It is essential because it is the beginning of a new life – the life of a business and the life of an entrepreneur.

But, an idea is important only in the initial stage of a startup. The results from good business ideas will feel in all phases of the development of a company, but also a large part will depend on other entrepreneurial activities.

An average person always has many ideas. It is the very nature of us as humans to dream about a better life, about a better environment, about a better world. However, ideas, in many cases, will come and go from our brain. If you want to remember and make something about your specific business idea, you can simply use the business ideas book. I have also developed the business ideas book template that you can download for free.

Well, we have an idea, and now the most important question is: what’s next? In this post, I can’t cover all entrepreneurial tasks that will need to be accomplished, but I will try to summarise simply what you as an entrepreneur will need to take when you come with a good idea.

1. Define Your Products and Services

Every business will rely on something that will sell to customers. That something can be a product or service. Until now, you have an idea that covers some product or service for your future or current company. The next thing that you must do is to clearly and accurately define those products or services as a result of the initial idea. You will need to answer the following questions:

  • What product or service you will offer?
  • What are the features of these products or services?
  • What are the benefits that your products or service will bring to your potential customers?
  • What types of additional services will be offered by that product or service?

business idea what next

2. Define the Market for Your Business Idea

You already have an idea, and you already have defined the products or services that you will offer on the market. The next thing that you must do is clearly, precisely, and unambiguously define the market that you will serve with these products or services. Here are some questions that you as an entrepreneur will need to answer:

  • On which market you will offer these products and services (city, region, country, continent…)?
  • Who will be the customer of these products or services?
  • What are the features of those customers who will consume your products or services (sex, age, income, ethnicity, etc.)?
Here is how you can design the new product development process in your company.

3. Define Main Competitors

Next, the important things about the products, services, and market when you want to define your next steps about your initial business idea are competitors.

Follow these steps on how to conquer the fears of starting a new business.

Don’t make a mistake to underestimate your competitors, because the success of your business in large part will depend on your own, but also on their performance. It is necessary to precisely define the main competitors who are already on the market that you defined earlier. Here are some questions that you, as an entrepreneur, will need to answer:

  • What are the five most significant market players in the industry in which you categorize your business idea?
  • What, where, and how that five major market players offer their products and services?
  • What are the main features of their products or services?
  • What are the benefits that they provide to the market with their products or services?
  • What is the resistance of the market related to the entry of new competitors and how difficult it can be accomplished?
You can find more about defining the main competitors in the post titled: How to Differentiate Yourself.

4. Define Resources Required by Your Business Idea

You already have an idea, have defined your products and services, have defined the market where you will offer those products and services, and have defined the main competitors and what they are currently doing. Now, it is time to define the necessary resources you will need if you want your idea to become a reality. You will need to define a minimum the following:

  • How many human resources you will need?
  • What kind of intellectual capital will you need for your business?
  • How much financial resources you will need?
  • Where will you find that financial resources?
  • What material resources you will need?
  • Where will you find that material resources?
  • What information resources you will need?
  • What will be the sources of that information resources?

And What’s Next for Your Business Idea?

There will always be something next because you are an entrepreneur who starts a business or works on the expansion of your current business. Once you define these elements, start again from scratch and adjust the product or service and market. This is because, by definition and understanding of competitors and all resources that you will need, you will have additional facts, which must be included in your offers to the market.

For example, after defining the competitors, you will find something about what they are doing to sell their products or services to the market. You can simply copy their experience and improve it to gain a competitive advantage. So, you have to redefine the first two elements.

Also, with all of this information, you will need to develop your business model and start implementing and testing it outside, on the market with your customers.

In the end, the most frequently entrepreneurial activity is to take action.

Tweet5
Share1
Pin12
Share10
Buffer69
97 Shares

Category: Business ideas, General Entrepreneurship

About Dragan Sutevski

Dragan Sutevski is a founder and CEO of Sutevski Consulting, creating business excellence through innovative thinking. Get more from Dragan on Twitter. Contact Dragan

Signup Today and Get Regular Free Innovation and Business Building Tips

We respect your privacy and take protecting it very seriously. No spam!

Reader Interactions

Comments

  1. bed linens says

    25/09/2011 at 12:00

    very good advice. starting even a small business takes much planning and strategy

  2. human resources says

    27/02/2013 at 11:41

    Hi! I’ve been following your site for a while now and finally got the bravery to go ahead and give you a shout out from Dallas Tx! Just wanted to tell you keep up the excellent job!

  3. Daniel says

    03/10/2013 at 03:24

    Who did you guys let write this – I mean Holy Curse Words, this is damn near impossible to read coherently. Don’t get me wrong, the points you wanted to get hit got hit, but still – WTF.

Trackbacks

  1. 3 Factors To Consider Before Starting a New Business – Entrepreneurship In A Box says:
    31/10/2012 at 11:22

    […] business idea off the ground. Once you go over the four factors Dragan lays out in his post, “You Have a Business Idea – What’s Next?” you’ll have a better sense of the time investment required for your business. That […]

  2. Reasons Why Your Business Should Opt for Secure Shredding! – Entrepreneurship In A Box says:
    12/11/2012 at 02:21

    […] are lots of reasons why secure shredding is highly recommended for any business. The first reason is that it is actually a legal requirement. This law is stated under the Data […]

Primary Sidebar




Want to Build Innovative Company?

Signup Today and Get Regular Free Innovation and Business Building Tips

We respect your privacy and take protecting it very seriously. No spam!

Recommendation

  • Overcome the Fear of Starting Up
  • Find the Gap in an Established Market
  • Business Idea – What’s Next?
  • Guide to Validate Business Idea
  • Find Customers With the Right Purchase Intent
  • How to Use Business Experiments?
  • Build the Business, Not the Product
  • Customers Stop Buying From You
  • Resistance to Change
  • Managerial Skills
  • 11 Most Important Tasks of Managers
  • Entrepreneurial Success Factors
  • Improve the Negotiation Process
  • 10 Rules of Success for Entrepreneurs
  • 10 Smart Skills You Need Now
  • 10 Habits of Successful Entrepreneurs
  • 77 Business Improvements in 77 Days
  • Efficiency and Effectiveness Matrix
  • Use Evernote to Improve the Business
  • 8 Important Team Leader Skills

Business Resources

  • Work Life Balance
  • 100+ Blog Post Ideas
  • 100 Marketing Ideas
  • 100+ Business Improvement Ideas
  • Create Standard Operating Procedure
  • Kaizen VS Innovation
  • Become an Entrepreneur
  • Business Idea
  • Business Startup in 30 Days
  • Business Success – 50 Steps
  • Resistance to Change
  • Customers Relationships
  • Evernote
  • Gmail as a CRM Tool

Privacy Policy | Refund Policy | Copyright © 2021 Entrepreneurship in a Box · Powered by Genesis Framework

This site uses cookies! By continuing to use this website, you agree to their use. To find out more check Privacy & Policy