Nowadays business is the most essential thing that any responsible human being pursues. We’ve heard so many business oriented markets and read different innovative ideas. However, to implement those stuffs, it may need hardship environment .No matter we have a powerful business idea in any sector, we couldn’t be on the right truck if we missed the core real and active business vision. What is this business vision? Let’s see the most important ones shortly.
Before you start a certain business, you should answer the WH questions. These are what, who, why, when, where, and how.
This is the first one we should know in depth. When you plan to make a business, you must define the business itself and have an in-depth knowledge. What type of business is essential or significant in your own images? What are the basic characteristics of this business? What are the major components of the business and similar questions must be answered. You shouldn’t simply start the business without answering these questions.
Who is the major or immediate target of the business? Is it the government, the local society, the nation or the whole world? You must answer this critical question. The center of any business is measured by the capability of responding the core ‘who’ scenario. Also defining and appropriately knowing who the business includes and not include is very serious one. To have a successful business model innovation, never hesitate to know and further test the identity of the core business foundation.
Why do you think the business is important for the society? Is it for the mutual benefits or just for the sake of your profits only? Great business men and CEO’s know where to answer the ‘why’ questions and even forecast the downward movement of the business system. On the other hand, why does the business foundation move with the society or why should you invest in your particular business model. Most of us answer like ‘I just want to have continuous profit margin. That’s all!’ This shouldn’t be our aim. We have to think out of the box which can give great advantage for the society in terms of the basic principle of the community.
Almost all failed business innovations do not merely have an idea of when the business should and shouldn’t walk independently. Whatever money you got, you must point out the significance of the time to start and quit. Time is the key for everything you plan to do. Someone once said…’the right thing at the wrong time is the worst mistake of all time!’ This is true. You may investigate and answer all the essential business elements but if it is in the wrong time, you miss all your ways. For instance, if you are planning to invest on Electronics Company with $5 million dollars, you must know the exact time you manufacture the most updated technological output. If you miss even one step of time, you’ll loss! So, before the time moves, identify the ‘ongoing business’ and always update your business pattern.
Some business needs an exact place to execute the move and some others just need the rough place. When you start to take an action, you must target the precise market or ideological point. This point should be clearly defined and known. You may get high amount of profit without getting the right place but you can’t successfully emerge and continue with that rate. You’ll definitely move downward like a sudden incident in a false business foundation. So think for a moment where the business can fully access the environment and continuously grow to the planned climax position.
How should your business go? There are millions of opportunities that you can grow the business model but how should the paths be combined to form a clear target. Many of the current business plans have a theoretical ‘how’ solutions but none of them know the practical essence of answering it. Observe the initial, intermediate and final systems of your market so that you will have thousands of ways to update and increase the output just by answering the logical ‘how’ question. Don’t always expect to take your paths as a profitable road but bear in mind the ‘losses’. How will you go if your paths are totally wrong?
By Hailemichael Yihun