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Topic:

FROM IDEAS TO SUCCESSFUL BUSINESS MODEL

Do you know up to 80% of new businesses fail within their first 3-5 years? What are key elements of good business ideas? Key steps & condition to turn an idea into a successful business model? Discuss with Anphabe advisor and members to learn different practical views.

Advisor:

Nguyen Thi Hong Trang's picture

Nguyen Thi Hong Trang

Managing Director
Quadrill & Vera International Ltd.

Timing:

The discussion is open from 22-07-2011 to 08-08-2011

The advisor answered on 05-08-2011

How long does it normally take to nurture a business idea?

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Phuong Tran Hoang's picture
1311331917

What should I do & know before quitting my current job to start the new business?

Answer7 hZWYnZljlmmVm5WExaBkb-GkoGOYcFLJpMWoq4DHo5ifmatXc6xsmGVrUr98qKellJ--oJ_Tj6PNo5mMrs7PxrDF3N-wn8KdpcbWzNPUU3DZa55siJyl1JvYnqemiHCnbWVtb1qlm9CVcpPXoaWgfYeArlVx12ptnlqkkdTG0dSGn8Ogl2rcrJ6Uk52Gy5-pz6XfkdqvoMtan6hycKBXpaiZrKmhqKCHa6RqnHJYl6OnnNaslc2UWZ-rbmKch5yVhp_VoJxqg5rH19HVw8-VV6GaoGKhs60.

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Answers

  • Well, I guess it may takes you longer or quicker depends much on the nature of the business, industry and investment rate. Normally, it takes you quite a long period of time from the very first idea formation to execution through these essential steps: market research, SWOT analysis (to see its feasibility), set a detail plan (5P: Product, Price, Promotion, Place, and People), and do market test then do the assessment.

    Also, you should take these into serious consideration: WHY YOU WANT TO OWN A START UP? Don’t make your decision just because of some temporary causes, such as I don’t like this company, I hate that boss, I’m tired of being an employee, etc. Starting your own business, without careful consideration, once failing, would lead you into even much more serious depression compared to current difficulties.

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  • Paul Wong's picture
    Paul Wong
    1312426000

    What a great question! I see a business idea like a seed and depending on the kind of seed, it takes different time and strategies to nurture it successfully. The important key is not how long, but how committed the entrepreneur is willling to be, which will determine how far the idea goes. A seed typically goes through this cycle: Plow -> Plant -> Nurture -> Harvest. For the entrepreneur it looks like this: Idea Development -> Selling the Idea -> Testing the Idea -> Evaluating/Enjoying the Results and the cycle begins again. This has helped me see entrepreneurship as an ongoing discipline/passion and let the "how long" question take care of itself. Hope this helps!

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  • Alexander Kopriwa's picture

    Document your idea and refine it - try test with some potential client for feed back. Network a

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  • THANH NGUYEN's picture
    THANH NGUYEN
    1311367952

    In my experience, it may take at least 4-6 month to preapre a proper business plan (i.e. Plan, ask for advice n feefback, revise n revise...). While doing the plan, you should define clearly n HONESTLY what resource ( money, infrastructure, people..) that the business need and what skill / knowledge u and the team need. Then based on that u would know how much time u need to get all these preparation together. Of course while preaparing, keep yr eye and eye open, so that u keep fintuning the idea. When everything ready, opportunity would appear even before u know it:)

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  • Tung Tran's picture
    Tung Tran
    1312358582

    It will be better if you have already prepared your plan

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  • Super Technologies's picture

    The first step to a successful business model is to identify the problems that your business will solve. The more you know about your customers, the more you can tailor your product or service to meet their needs. Explore this astro turf toronto for best reviews. Once you have a good idea of what problems your business will solve for its customers, you can begin working on developing your business model and refining it to match the market and your competitors.

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  • Ciara Veum's picture
    Ciara Veum
    1674113955

    Animal control is a solution to the problem of stray and abandoned animals in our community. It provides a place for these animals to be cared for, fed and sterilized while they are being adopted. The animals are also given medical care if necessary. Additionally, animal control solution also provides a way to reclaim lost pets that have been wandering aimlessly through our streets without food or water. These animals can be returned to their owners who have lost them and they will receive proper care before being adopted into new homes.

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