After you have first identified the principle from which you started to work (fill the need or create the need), think about the following:
(I): Problem on which you are trying to create business.
(II): Objectives of business and how it can solve the problem. What are the objectives of your project specifically? And how you will try to create or fill the need.
(III): Mechanism that you will use to achieve your goals.
The result of the previous thinking mechanism will enable you to formulate the idea of the project in easy and uncomplicated manner. You should learn to present your business idea clearly to yourself and others. This idea will reflect your desired business goal and your ability to implement it accurately. The following is an example of developing the basic information on the natural juice plant project.
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Sally comes up with the business idea of producing fresh pineapple, mango and banana juice. Sally will buy and collect the fruit from local farmers. The processing will be done at Sally’s plant. The juice will be packaged in one gallon plastic containers. The juice will be sold and delivered to local restaurants. Sally will also have a shop at the plant for retail customers. |
Then you need to think about the business goal and where do you want the business to go? What do you want the business to achieve in the next year or next five years?
Sally’s business goal is that one year from now, one half of Sally’s fresh juice production will be delivered to ten local restaurants. The other half of Sally’s production will be sold at the retail shop at the plant where the juice is produced. Sally’s business will employ ten people.
Come up with a sample goal related to the business idea that you developed earlier in this exercise.
Think about things that will help you to reach the goal. Think about where the business is now. Think about where the goal says the business should be going. Then state the steps that are necessary to take the business to its goal from where it is now.
An example of steps related to Sally’s juice business goal:
1) Identify restaurants where customers want fresh fruit juice.
2) Make sure that the juice is always fresh and delivered on time.
3) Make sure everybody knows that they can also get juice from the shop at Sally’s plant.
4) List sample steps related to your business goal you have already developed.