Especially If It Is A New Business Concept â€Myassignmenthelp.Com

Question: Discuss About The Especially If It Is A New Business Concept? Answer: Introducation Starting a business involves coming up with an idea that is to be implemented. It is usually a complicated process to some people especially if it is a new business concept. It is obvious that any business process must involve financial implications for better success (Jain Jain, 2012). It is important to note that a business owner must prepare both financially and psychologically. I am thinking about opening a bookshop and a library that will host a number of activities. This business is one that has not been invaded by so many people. I believe that this kind of business can tremendously perform well despite the fact that there are some small scale retailers. The business itself requires a number of skilled personnel to make sure its operations run smoothly and effectively. Developing any business idea does not require skills or expertise for that matter. It is a simple thing to do so long as the idea is an executable and viable one (Hopkins, 2013). There are many sources where on e can source for the best ideas that would help to come up with an appropriate thought about a business. The most common are sourced is consultation; an individual may wish to consult friends on the best business he or she may venture into depending on the available financial capability. This source of developing ideas has some pros and cons. In fact, a consequent part of this is copy and paste. This means copying other peoples business (Peter Olson, 2010). However, there is no hindrance of doing this, but as an entrepreneur, you should come up with a fresh idea to put on trial and ensure that it is implemented. On doing this, one would be able to identify the problems and advantages, and because he or she is the owner, it will be possible to make adjustments and improvements where necessary (Loudenback Kelley, 2013). The kind of business I am thinking about is one that has not been started by anyone in this region. Although, there are other same businesses, my business will be slightly different because it will serve as an online library. It will target an elite group, for example, university students who will get a chance to read online materials which are organized and put in a manner that corresponds with the curriculum. In a view to connecting the business with other local library businesses in the region, the online library will also operate such that it gives an opportunity to those who would wish to borrow books and other mater ials just like most libraries do. An additional advantage is that it can be accessed by many people including those residing far away and in other countries. It is important to note that any business idea should be one that is viable and achievable, and not an illusion or a mirage. As many people know it, a business idea may suffer threats if not protected effectively from predators (Jenster Hover, 2014). They are always vulnerable to attacks such as being stolen and used before being implemented by the original author. Therefore, it is important to safeguard and protect the idea not to escalate to the public. However, a stolen idea may sometimes fail to work as intended or may work accordingly due to improvements that may be put into it to enrich its contents. To develop an effective idea, one needs to take enough time doing enough research about the idea to ensure that it is conclusively done and properly understood before any other thing is done (Nash, 2015). This will ascertain a better and deep understanding of the merits, demerits, weaknesses, and strengths. Some business ideas can be learned in schools while others may just be conceived in an individuals mind. The teachings about entrepreneurship in schools give broad aspects about developing business ideas which can then be employed to gather knowledge about coming up with entrepreneurial ideas. Finally, it is important to note that any business idea would be fit to venture into if it is viable and can be executed to yield income. References Hopkins, D. (2013). New emphases in business ideas. Entrepreneurship studies, 6(6), 410-419. https://dx.doi.org/10.1016/0019-8501(77)90003-7 Jain, S., Jain, S. (2012). Entrepreneurship. South Melbourne, Victoria: Cengage Learning Australia. Jenster, P., Hover, D. (2014). How to focus idea development to serve strategy. Planning Review, 20(4), 32-36. https://dx.doi.org/10.1108/eb054365 Loudenback, L., Kelley, E. (2013). Business Planning and Business idea development. Journal Of Entrepreneurship, 36(4), 113. https://dx.doi.org/10.2307/1250442 Nash, E. (2015). Direct Entrepreneurial Focus. New York: McGraw Hill. Peter, J., Olson, J. (2010). Difference between a businessman and an entrepreneur. New York: McGraw-Hill Irwin.