Developing a business idea into reality has become quite a tough challenge in today’s entrepreneurship ecosystem. While many people have business-worthy ideas , only a small percentage are able to turn their ideas into real businesses.  If you have conceived a business idea, how do you actualise it?

In this follow up article, we present to you a few guidelines to help you test your idea.

 How good is your idea?

Before your business take off, business, first, find out whether your idea is a needed solution in the market. Have you tested your idea and found out that the solution will offer a better consumer experience in comparison to the already existing solutions? How are the market niche prospects? And, by the way, is it an idea that you are passionate about? This is an essential aspect of actualising your business. These are questions worth considering before you make any financial commitment, whether big or small.

 Research the market

As indicated in the previous article How to test the viability of your business idea, every business thrives because it provides solutions to people’s needs. It is, therefore, imperative that you carry out market research specifically targeting a given geographical region. The findings will then help you gauge if you indeed have a solution to offer or not. Do not think market research is a luxury or waste of time. It is needed to help you define your market segments, pricing, and competition. The article below rightly points out that market research provides answers that entrepreneurs or business executives are looking for to make important decisions.

Be specific in your choice of prospective audience.

Rarely will your business solution be a one size fits all. You will be better positioned to respond to the market needs with superior products or service if you know your audience. Never assume that everyone is your client. With a specific audience in mind, you will be able to harness your real potential and target specific services or products and marketing strategy. This minimises operational costs, which is more important at the beginning of the business.

At Human Capital International, (HCI), we run Executive Entrepreneurship and Leadership programmes, including efficient coaching initiatives where prospective and practicing entrepreneurs are equipped with pillars on how to operate successful enterprises.

The training exposes participants to the practical aspects of running a business, and the numerous reasons why businesses fail.

Currently running is a three hour only Think fast and implement smart program that you must not miss.

You can enrol now and get expert advice from seasoned entrepreneurs.

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