Tuesday, December 4, 2012

Where to get the Business Idea?

Those aspiring to start a business are often confused about what product or service idea they should start with. From different experts they get different set of responses, like you should get into a business of selling something about which you are passionate about, or if market demand of it exists, or if you have the skill & knowledge to understand the process of making the product or service available etc.

In my view the above points are not just correct but also mandatory however there is an even more important aspect of setting up a business, i.e. your ability to connect the chain from the supplier to the customer to deliver, and make the cash flow in the reverse direction. If you brainstorming about which business to get into, check two things among your contacts, and contacts of your contacts:

(a) are there any supplier available within your easy reach of the product or its raw material who can give you supplies necessary on easy terms or perhaps on credit?

(b) are there customers of the same product available within your reach or of some of your contacts, who can also agree to pay advance against your product or service in case on the supply side such facility isn't available?

In these two things, connecting with your customers is more crucial and difficult for obvious reasons, therefore if you ask me, then obviously point-b is more important then 'a' as finding a supplier isn't that difficult then are customers.

For example, if you friend has a car show room and you have a product idea which is for the same type of customers, which your friend doesn't wants to get into, then you can start working on that if your friend is willing to collaborate with you. This is not as difficult as it seems, as most often a little bit of thinking can get you somewhere.

Remember at the end of the day it isn't the product idea, but the satisfaction of creating a self-sustaining and growing business which is able to generate a employment, make some happy customers, and is able to help you and your family earn a living is what all that matters...

The author is In-Charge of CED @ PAF-KIET, Vice President of GEAR, a Social Entrepreneur, Author, Researcher and tweets @javaidomar

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