How To Choose A Feasible Business Idea

How To Choose A Feasible Business Idea

     Research has shown that there are over 1000 business ideas in Nigeria. At the same time, Forbes Magazine said 80% of businesses fail in the first 18 months of their establishment.With this kind of statistics,you can be sure that something is definitely going wrong.

   

       From our own survey,we've been able to discover some major causes of business failure. One of the major causes is the inability of business owners to critically examine how they can identify a major problem and use their business mentality to solve that peculiar problem,hence helping their businesses to stand the test of time.

      This is what inspired us to prepare this evergreen article just for you. This article is for those folks that are thinking of starting a business,but finding themselves in a dilemma of choosing what feasible business idea to dabble into. We believe that every great conglomerates today has some elements of common traits that bind them together. And we can assure you that is you are able to leverage on those traits,you can be sure that your business will definitely stand the test of time.These are the traits that every successful businesses possess;

1.They Have Passion For Their Business

Adolf  (Adi) Dassler is the founder of Adidas, a sporting goods company that is known globally. If there is one thing that made Adidas a success, it was the passion Adolf has for sports. Adolf Dassler was an avid sportsman with a passion for extreme sports. What this is telling you is that you need passion to drive your business. So, if there is any business you want to dabble into, have passion for it. That is, choose business that you have passion for.

2.Their Business solved problems.

    John Pemberton the founder of coca-cola company created coca-cola as a 

medicine for people. To cure ailment such as morphine Addiction, dyspepsia,

neurasthenia, headache, and even impotence. John Perberton believed that if his business idea can solved problems people are facing, definitely his business 

can survive. This is telling you that, your business idea must solved people's problems in order for it to gain a solid footing.

3.They are Familiar with the Business 

    Assar Gabrielsson and Gustaf Larson are the founder of volvo Cars corporation.

Assar Gabrielsson was an economist, who had worked in number senior sales 

positions, including export director. Larson on the other hand was an engineer,

who had worked for British Automotive Industry for several years.

    Their complemented each other and they are well familiar with the terrain of automotive industry. What this is telling you is that you should choose a business idea that you are familiar with, even if just a little experience, it will go along way.

     Lastly, choosing a business idea is just a fraction of what needed to be done to achieve tremendous success. How you can run and grow your business is what matter most, So stay glued by subscribing to our newsletter for next update.