Be it an amateur business-dreamer thinking about opening his own venture or a seasoned entrepreneur looking to invest in a new business, thorough research is needed. Well, as they say, prevention is the best form of cure. So, when it comes to business – Planning is the best form of prevention. Opportunity screening is the process of evaluating a business opportunity by carefully studying important factors such as market size , market structure, capital required, existing competitors, legal regulations, trend forecasting and most importantly, the scale of disrupting the market through innovative ideas and strategies. Let’s take a look at four essential factors to consider when evaluating a business opportunity: 1) Identify the Market Need A lot of good ideas go to waste and a huge chunk of small-businesses close prematurely because they didn’t look at the bigger picture. Does your potential product or service have the viability to survive the ever-changing market…
A lot of entrepreneurs refrain from taking risks in business. There’s a lot of second-guessing and gut-wrenching fear about what if things don’t work out the way they imagined. Well, countless small-business owners are now global entrepreneurs with a lot of success and money because they took risks initially. Imagine the state of our technology, economy and society without these risk-takers! Let’s take a look at why risk-taking is essential for entrepreneurs: 1) Higher the Risk, Greater the Potential Reward It does not mean taking risks blindly without any research and technical know-how. Taking risks involves diligent market research and scoping out various possibilities and outcomes before embarking on such a journey. The risk-return tradeoff applies for investors as well as entrepreneurs using that investment. Calculating future scenarios and business capabilities beforehand is essential. Factors such as overall risk tolerance and the ability to replace lost funds is a must. 2)…
Have you ever been afraid of failure? Do you think that successful people have never…
“A man without ethics is a wild beast loosed upon this world.” — Albert Camus All businesses have moral and social responsibilities to follow and set a good example for its customers. When individuals and companies operate outside the moral fibre and ethical code of conduct, they open themselves to financial penalties, legal repercussions and public scrutiny. In addition to following the letter of the law, companies must also respect and uphold the spirit of the law through transparency, honesty and integrity. Here are a few corporate ethics for companies to follow: 1) Transparency Transparency builds the bridges of trust between shareholders, employees and customers. Being honest to the shareholders about company affairs, financial health and operational strength is very important. When it comes to employees, open and honest lines of two-way communication regarding performance, career growth and compensation goes a long way. On the other hand, transparency for customers…
What do all the great leaders achieving remarkable success have in common? Decisiveness. Making numerous…
It’s no secret that our feelings, thoughts and actions can deeply impact our lives. Negative thinkers often attract pain and hardships their lives while positive ones attract success and wealth. The power to manifest what you want through your feelings is a great way to make things work in favour of you. This happens because of how the Law of Attraction works. Our deepest and most prominent feelings impression onto our subconscious. Our subconscious mind is very powerful and it subtly guides our actions. Consequently, we get what we wish for. The Law of Attraction has its own vast history going back to the Biblical times and more recently to works like “The Secret” and “The Game of Life and How to Play It”. Here are a few ways to use your feelings to manifest a great life: Follow Your Inner Voice Our inner voice is a part of our intuition…