Entrepreneurship_Post 3

(This article was published in the bimonthly newsletter of Electrical Technocrats Association – E.T.A)
A Business Idea is the one which generates the spark to initiate an enterprise. It is therefore essential to frame a business idea with utmost care and great examination. There are lot of techniques to generate an idea.
The simple way which I follow to generate idea is to find gaps (between need and demand) and think on how to fill a gap. This way, one will definitely be addressing a problem.
Let me put it this way. During summer, one can see a lot of fruit juice stalls along the road side with lot of people quenching their thirsts there. The vendor has actually understood the gap well i.e., there is no fruit juice shops nearby and people are definitely in need of some juice stall.
Taking this to a different level, a student of Electrical and Electronics Engineering can think of such gaps in the core field. Once the gaps are found, the gaps which can be filled up with one’s expertise can be found out.
The next process is to work on how this can be converted into an economically feasible one. The idea might be great solving the problems of target segments, but one should understand, cost is involved in everything one does. Hence the idea might solve the problem and at the same time, it should be affordable. Failure of doing this results in great failures leading to a loss.
To summarise, one find out what problem the target segment is facing, what expertise does one has to solve the problem, how it can be packaged into an affordable good or service.
There are several other techniques to generate a business idea. You can find lot of books related to that in a few public libraries as well in the Internet. One can follow whichever seems to be convenient.
Once the generation of business idea is done, the business idea has to be executed with a business model.
The business model plays a crucial role in the development of the business. These days organisations are coming out with a lot of different business models just to attract the customers.
Let us discuss the development of business model in the next article, till then keep your feedback posted.
The author is the Founder & C.E.O. of Ulaginoli Energy Solutions and can be reached at boniface@ulaginoli.com or +91 9884342050