Business Idea – Business Plan – Business Management

It does not end with getting a good business idea. A good business idea without a good business plan doesn’t always survive and without a good business management will likely drain up all your capital.

First, it’s all about getting a good business idea which is likely to survive in your environment. This involves

a lot of research, someone, one of my role model once told me that opportunity/ideas comes every time not just once but it depends whether you have one of the entrepreneurial skill for you to be able to see it. Choosing a good business idea involves a lot of work which involves applying some principles, scientific analysis and others. It’s not bad to have numerous ideas, its normal but after running your analysis on them only one will emerge, the good one or better say the best one.

Business plan is just a plan on how you are going to make the business idea succeed, how you are going to make the idea a dream come true, how you are going to stand out in the market, how you are going to compete with your competitors, how to become unique and how to overcome challenges that may come knocking on your door. It can be regarded as a description of your business idea. It is a good idea for an entrepreneur to draft out a business plan because it will help him get finance/loan from investors/banks and it can also serve as a framework guiding the survival of the business.

Business management, this is where you are doing what you having written on your business plan. This stage is regarded as the practical aspect stage. Managing a business especially new entry business always matter a lot because you are not yet sure whether it will survive or fail resulting loss of capital. The entrepreneur should acquire some management skill that will help him guide the business to survival.

The entrepreneur should not take these 3 stages for granted if he plans on surviving. He first gets the idea, draft out his plan on achieving the chosen idea and successfully manages his business to survival. Every stage has a role to play your business.

Comment always appreciated