Why is concept assessment important?
For a perfect business start; manpower, resources and capital are the most important factors, right? But do you know there is something very essential that most of us miss when we start a business.
One must think, what is more important than capital and resources? Well, it is the assessment of conceptualising, as it is the sole reason behind success of your business.
Assessing your business idea, at the initial stage is crucial because your profits and success depends on how feasible your idea is.
So, if you have decided to go ahead with a particular idea or if you are planning to do so, here are some suggestions you can keep in mind before chalking out a final plan.
• Form a committee: Before you go ahead form a project committee that should involve individuals who have business development skills. So, that they can check the viability of the concept.
• Conduct feasibility test: This includes detailed assessment of the market, technical, managerial and financial aspects of your business idea. These factors will help to do economic assessment of your business.
• Analyze the pros and cons of the idea: There is always two sides of a coin. Nothing in this world is perfect, so there must be pros and cons of your business idea too. Analyzing them in advance and measuring their accuracy is crucial. You can talk to experts or the experienced people from the same.
• Indentifying the U.S.P of your Business: Before you proceed further it is important to understand what unique service you are providing to your customers and using it as an aggressive tool while advertisement. But remember your unique service should be compatible with your business idea.
• Figure out the level of competition for your business idea: If you are pretty confident about your business idea, even then it is important to have critical view on the level of completion you are going to face in the market.
“Despite of huge capital if your business idea is not viable then it would be difficult for you to sustain in market for a longer run”, says Pradeep Srivastava, Business head, Six twelve limited.
One wrong decision by you, can haunt you again and again and frustration can make you take poor decisions.
Hence, before you go ahead assess your concept, to fetch out the best possible results.
