Question

How do you generate and evaluate ideas for business? How do you identify a business's competitive advantage and keys to success? What is needed to analyze a new business idea and the competitive advantage? Where does one turn for advice? What kind of input do you need? Will you surround yourself with "yes" people? Why or why not? How do you surround yourself with trustworthy advisors?

Answer 1

Solution:

Ideas of business is a very confusing step. There are a plethora of ideas on which a person can do business, however, not every business idea can be favorable for a person. Hence, everyone needs to analyze the business ideas against the scale of resources we have initially to understand whether or not the business idea can be implemented successfully or not. Hence, business evaluation plays a crucial role in determining the kind of business we need to conduct. We must evaluate the business for required capital, market scope and demand, existing competition in the market, and ease of doing business in the market. We must also evaluate the idea for its implementability and profitability. The business idea should have appropriate levels of ROI to ensure we get returns on the amount we've invested in the business. Hence, business evaluation is in itself a separate topic where one can evaluate a business based on several different parameters that are covered to each business idea.

In order to identify the competitive advantage of the business, we must analyze the business for its performance and check for the parameters that are continuously performing well for the organization. This helps us in understanding the areas where the business is operating competitively on a sustainable basis and hence that particular area of business becomes the competitive advantage of the business which is helping the business drive more sales and hence get more value. In order to analyze a new business idea we must have a look at the market in which the business is operational. We must have a look at different competitors who are already operational in the market and conduct a deep market analysis helping us understand the market scenario. This also helps us in understanding the complete and their competitive advantages. Hence, this is a strong starting point for businesses that are just starting out to refer to exiting the competition in the market.

In order to get advice on new business ideas, we must focus on receiving different research reports. Market research is a tool that helps new businesses gather the most relevant data for their businesses. This helps in helping the new businesses understand the minute details about the market based on which the new business can develop its products or services and offer them in the concerned market. Hence, consulting marketing research reports is a great alternative for getting concrete reliable to advise for the business. The data that we receive through the market research is the exact kind of data that is required to make the decisions that are crucial for starting a new business or scaling it.

It is not necessarily required to have over-optimistic people around us all the time. It is necessary to have a diverse mix of people in our circle who can help us with different aspects of doing business. Some critical people will help in gathering problems while some optimistic people will motivate when the times are bad. Hence, having the right mix of people for seeking advice is the best strategy. Hence, having trustworthy people who believe in the idea of your business are required as advisors for the business.

Hence, this is how we brainstorm new business ideas.