Business Development – Questions to ask 2
by Bruce Wade on 07/06/10 at 12:51 pm
3 comments
The second question to ask about a business is: Is this business idea Plausible?
The best definition of the word Plausible that I could find was Believable. What needs to be done to your business to make it plausible or believable, not just to yourself but to others as well? In writing a proper business plan, you will be forced to ask a whole lot of questions about your business that are sure to uncover some both good and bad issues that you had not seen before. The main purpose of a business plan is to create a sense of confidence within the business owner for their business idea. Second to this, is to be able to present this business to others, with confidence, in order to secure support or funding.
Ask any business advisor or funder and they will tell you that the business team is always more important than the business idea. Knowing who your team is and what they are capable of is a major process of this plausible chapter. The common misunderstanding that a small business owner needs to do everything themselves to get things done will always create an area of weakness in both performance and time management.
A good team in assembled based on core strengths and talents. Each member operates as an authority in their focused area and offers support to others in their area of weakness. Assembling a team for your business does not mean business partners or staff or loosing equity share at this stage. Identify and assemble a team of associates who are willing to assist you through this phase of your business. Hire a good coach, a marketing or researcher consultant. Understand where you are currently weak and fill the gaps with others to create a solid team.
Both your team and a solid well researched and written business plan will create a plausible business for the future and enable you to take your idea to the next stage.
Bruce Wade is a survivor of the corporate and NGO world, author, speaker, business owner and entrepreneur, Bruce now runs the Entrepreneur Incubator; a member based organisation dedicated to serving those in the trenches of business through coaching, mentoring and leadership education. View more articles by Bruce Wade.
Tags: business development, business plan
Ian D. Samson
Jun 14th, 2010
Very interesting articles. My “business” is not a business but a hobby. I am keeping it this way as a “retirement project” to boost the monthly budget. So far, it has kept me very occupied for the past 9 years and I have many very satisfied customers. Now I wish to branch out into a different form of digitizing source to electronic and I have experienced competition in my residential area, so it’s going to be quite a challenge.
Bruce
Jun 15th, 2010
Ian
Changing from a hobby to a business is always a risky issue and hobbies are fun based and businesses need to be financially based. This change can often lead to frustration and disillusionment.
Proper planning and feasibility is essential before you start with anything. A good business plan with market research will put your future on a solid platform with a good plan to follow.
Ian D. Samson
Jun 19th, 2010
Thanks Bruce. Been there, tried that, and frustration and disillusionment were the result. Will stay with a hobby, it’s cheaper and a lot more fun!
Appreciate your reply.