It is not practical to pursue any business idea that crosses your mind. As such, the question that bothers many people is ‘how do you identify the right ideas or opportunity to pursue?’ There are indicators that will work well to some individuals but to others they may fail miserably. There are those signs that are superior forecasters of success than others. Business opportunities will come to us on a regular basis. However, there are ideas that will appear great and that could be the next big thing when implemented. However, there are those that one may opt to disregard. An investor will want an idea that will generate profit but not an excellent one that will result to losses. As such, the question that scares most people is, how do you differentiate a brilliant idea from a bad one?
Most successful business people will tell you that pursuing every idea will lead to failure or disaster. Additionally, wasting your time and resources on a project that will not materialize can be disorienting and hard to take. However, utilization of the best idea can be the next big deal that will guarantee you the next-billion dollar opportunity. The following are the indicators of a valuable business opportunity or idea:
You need to consider the availability of the product or service before you start producing. A good business idea should have a ready market.
You will also need to determine whether you have the capacity to enter the market and be competitive with the level of competence that you possess.
You need to ask yourself whether you have the justification for the prices that you will be charging the potential clients. Are you costs higher or lower than those offered by the competitor? Any justification for that?
Finally, is there any return that you will derive from operating this business?
Therefore, if you have solution to the above point, then it is the right time for you to take the chance.