Entrepreneur's Handbook
Business Idea and Business Plan
What is a Business Idea?
Business Idea is the gathering, arrangement and description of a subject that is suitable for the knowledge - experience - skills and resources that an individual has / may have in a way that will generate income.
The most valuable resource in the hands of an entrepreneur who wants to be successful is a good business idea. The entrepreneur must first have a good business idea about a particular venture. Therefore, business ideas and the subject of the business come before the capital in entrepreneurship. The individual may believe that the first business idea that comes to mind immediately is good. However, it is necessary to examine various ideas and select among them. As a result of the selection, the best business idea should be implemented. For this reason, the entrepreneur should focus on the business idea that he will put into practice by writing all the business ideas he designs and evaluating these business ideas
What is the Roadmap to Follow for Developing a Business Idea
In the entrepreneurship journey, one can have a business idea by taking the business idea from another business idea, using the same or changing it. But, the main thing is to find new ideas by developing your own business idea.
Anyone can research and find a business idea. Work and education background does not limit ideas that can develop. As an example of this view;
- The bicycle wheel was invented by a veterinarian.
- Frisbee was invented by a baker.
- Corn flakes developed by a farmer.
Some methods that can be used in developing a business idea are as follows:
- Coincidentally Emerging Business Idea: If you have a desire to start a business, thoughts of what business to do and looking for a business idea, anything can be an inspiration for the business idea. However, in order for the business idea to emerge, there must be a business idea. In other words, in order to come up with a business idea, your head must be busy with the idea of starting a business.
- Business Idea Development Through Research: In this method, a business idea is tried to be developed by using some techniques. Some of these methods are:
- a) Brainstorming: Brainstorming is a productive method used to bring a solution to an issue, to make decisions, to generate thoughts and ideas through imagination. Brainstorming can be done alone or with a group. The best business ideas are produced by groups of 4-8 people. Business ideas emerging after a successful brainstorming should be evaluated in detail with necessary analysis.
- b) Thinking Horizontally: This technique encourages people to look at things from a different angle. Rather than just thinking about the needs and wants of people in general, it goes to think about certain groups of people. To illustrate horizontal thinking with an example: Thirty years ago, nothing but fuel and oil was sold at gas stations. Today, everything from textiles to food products is sold at gas stations. What happened that brought about the change? In the old days, station owners were serving the needs of the car. Today, the gas station serves the needs of the car driver.
- c) Meeting the Need of a Group: Meeting people's needs and desires is like problem solving. People have thousands of needs and desires. In this method, it is tried to develop goods / services that will meet the needs of a certain group. The elderly, young people, students, children, disabled people, etc.
- d) Using Capabilities: Many people instinctively think of starting a business based on the job skills they have. Often times it is possible to start a business based on skills that can be acquired at the job, but other people must have the same skills and therefore be careful about the possibility of very strong competition. One way to counteract this is to give your own business a unique feature.
What is a Business Plan?
A business plan is a document that includes thoughts, goals and plans related to the business of the entrepreneur.
This document is a guiding book for the entrepreneur to start and develop his business.
- Business plan
- Characteristics and goals of the entrepreneur,
- Basic characteristics, legal structure, partners of the business to be established,
- Features of the target market,
- Sales and marketing studies to be implemented to reach the buyer (customer) audience,
- The stages it will apply to produce its products or services,
- Technical systems of the enterprise to be implemented,
- Administrative processes and organization required to make the business sustainable,
- The forecast and production and sales plans of the business,
- Financial movements of the business,
- It should provide information such as the financial profitability of the business.