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You can make money by building a business that marginally improves on existing products or services or clone an existing product and develop it for a new market. Alternatively, if you are aiming for a high growth startup opportunity, your business idea not only has to solve a painful problem but also conquer a large market.
The act of forming a business is not particularly difficult. However, planning for and developing a profitable, growing business is a complex, ongoing process. Adequate planning, attention to details, and realistic expectations are critical to your success.
Start with evaluation of your business idea. A good feasibility assessment for your idea involves a detailed examination of financial, personal, and market realities. What is unique about your new service or product? Is the market large enough to enable growth? Will customers buy your new product or service? How will you be able to reach your target customers at an affordable cost?
Even if your business idea includes a unique product that solves painful problem for large number of potential customers, having a strong management team is critical for success. Hiring experienced manager can be costly, while if your plan to run the business yourself you may want to explore whether you have sufficient management skills. Such skills, for instance, include financial reporting & planning, marketing, employee management and training.
Also, it is unrealistic to assume that you will be able to borrow all of the money you need to start your venture. So you need to estimate how much of the business’s financial requirements you can meet from your personal funding.
Finally, starting a business successfully can depend upon how well you understand your competitors, their products, marketing strategies and competitive strengths and weaknesses. The first thing customers usually do when they hear of a new product or service is compare it to existing alternatives.