SHRINKING STAGE #2: What’s The Big Idea?

Red Light Business Ideas

Photo © Ignas Kukenys

Just like chicken and egg, ideas and target market are dependent variables. In order to figure out which one to go first, you will have to define your mission. Freelancers, generally, work with an idea in mind prior to finding companies to work for. Entrepreneurs, however, seemed to work in reverse: they tend to find a target audience and the problem they found from their every day life before they finally get down to the idea.

Let’s build a criteria and a vision to look around you, throughout the virtual sphere, and understand the basic need of the market or the trending areas in the market that is on the rise, and might as well, need an improvement. After getting some random ideas, write them down and choose which one would suit you best – but don’t worry, many successful people started with a very simple idea. The next stage would be develop one idea and bring them into shape – are they in product? Or service? Figure out this point and you would need to move to the next stage – to narrow down your market and work towards marketing your product.

It is however, recommended to not worry too much on the sales you might be missing by failing to offer everything to everybody. Since, this is quite impractical in the starting but achievable by strategic approach. Your narrower focus has the power to deliver more business than you can handle, while producing higher-margin cash flow to enrich your bottom line.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s