Smart Re­port

Ev­ery­thing you need to know to kick-start your 2014 in style, sass and con­fi­dence.

CLEO (Malaysia) - - MAGAZINE - By Cheong Kamei.

1 What’s Your Vi­sion?

Write down what you en­vi­sion your busi­ness to be – this in­cludes what the busi­ness is about (“I want to start a blogshop”) as well as other things you want or don’t want from your busi­ness, such as, “I don’t want the com­pany to have in­ef­fi­cient and counter-in­tu­itive sys­tems in place”. Now, zoom in to what your busi­ness is about and an­swer the fol­low­ing ques­tion…

2 What ser­vice will you pro­vide?

A prod­uct does some­thing, a ser­vice does some­thing for some­one. It’s easy to ob­sess over what your prod­uct does but it’s point­less if no­body wants this amaz­ing prod­uct you’re cre­at­ing. That’s why fram­ing your idea as a ser­vice is help­ful. It en­sures you in­volve the most im­por­tant peo­ple in any suc­cess­ful busi­ness – your cus­tomers – from the very start.

3 What’s wrong with the cur­rent ser­vices in the mar­ket?

Re­mem­ber, you’re only at the stage of suss­ing out if this idea is re­motely worth pur­su­ing, so don’t be tempted to do ex­ten­sive com­peti­tor anal­y­sis at this point. Some­times, over­whelm­ing your­self with too much in­for­ma­tion can lead to over-think­ing, which may pre­vent you from notic­ing ob­vi­ous un­met needs. Rather, adopt an in­tu­itive ap­proach: Think about all those mo­ments when you thought, “I wish there was an eas­ier way to do X” or rel­e­vant points that might have been made dur­ing con­ver­sa­tions with friends. List all th­ese things down and then an­swer the fol­low­ing ques­tion.

4 What prob­lem will your busi­ness solve?

As men­tioned ear­lier, you can’t build a busi­ness if there’s no mar­ket for it. An­swer­ing this ques­tion forces you to iden­tify an un­met need in the mar­ket and how your ser­vice meets that need. This process is not as easy as it sounds. How­ever, it forces you to stream­line your thought process and come up with a clear and co­her­ent busi­ness con­cept. If you reach this stage, con­grat­u­la­tions! You just might have a vi­able busi­ness idea!

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.