In these times when practically all sorts of innovative ideas have been created and have been put to good use by concrete implementation and the establishment of various business enterprises, it seems so hard to come up with yet another novel concept that will bring in a great venture. And yet, these ideas have to be continually generated by great minds to further improve what already is available or to identify specific things that can make life easier and happier for the consuming public.
It takes an acute businessman to recognize an idea laden with potentials and prospects and then to convert it into a business opportunity – one that he will not let pass. This leads to the birth of an enterprise; a new venture has just started. Starting and developing a new venture may mean operating it as an addition to an existing menu of a department of one big company. On the other hand, it may mean registering a small start-up business that is to be totally focused on it. To run a small start-up business introducing a new product or service to the market brings in many challenges and opportunities to rise to.
It involves everything from working on the necessary permits and licenses to later managing people to do right their respective pieces of the whole process. As a small business entity, one great feat to accomplish at the onset is having room for your products and services in a market that most probably is dominated by prevailing giants of the industry. To fight for a place in the market, there will be price-battles and all kinds of intimidation to contend with. The giants will try to kick you out of the scene by making your products and services unattractive in terms of prices and packaging.
Thus, if your market offering does not have what it takes to win the customers’ preference and loyalty, you will be out of business in no time. In here, your business strategy will come to play. Jack Welch, a former CEO of General Electric, has written: “Strategy means making clear-cut choices about how to compete. You cannot be everything to everybody, no matter what the size of your business or how deep its pockets. ” (Jack Welch; 2005, Winning) Thus, you need to design concrete and specific plans about who your target market is and then set forth to win such market.
Such focus will be an ally of your venture, for the futility of going after the entire and expansive industry market will just bring in huge losses and wastage of resources. With a great product or service to offer and clearly drawn marketing strategies, your venture will next need ample supply of effective leadership for it to head straight to becoming a big hit in the industry. It takes an idea whose time has come to create a business venture – then it takes a good leader at its helm to bring in success, which would be largely translated to profits.
Author John C. Maxwell has written succinct lines to describe the indispensability of leadership in any organization, business or otherwise. He wrote, “I believe that success is within the reach of just about everyone. But I also believe that personal success without leadership ability brings only limited effectiveness. The higher you want to climb, the more you need leadership. The greater the impact you want to make, the greater your influence needs to be. ” (John Maxwell; 1998, The 21 Irrefutable Laws of Leadership)
In one of his books, the author has narrated the story of the fastfood chain giant, McDonald’s. In 1937, brothers Dick and Maurice opened a small drive-in restaurant which became a phenomenal success. Theirs was the idea of starting out that venture, and they worked on making such an idea a reality. The story does not end there, though. The brothers were successful; there was no argument about that. They were financially secure, and they owned the most profitable restaurant enterprises in the country. They were good at running the restaurants and at ensuring that their customers were happy and satisfied.
However, their venture’s continual growth already began to slow down because the level of success that was attained at one point became commensurate to the level of their effectiveness as managers and leaders of their venture. Then in 1954, the brothers hooked up with Ray Kroc who was gifted with plenty of leadership skills. With him as leader, McDonald’s has opened more than 21,000 restaurants in no fewer than 100 countries by the year 1998. New ventures ought to be encouraged everywhere. Small start-ups can blossom into large enterprises . This story happens all the time.
Each time there sprouts a venture that is laden with great potentials, there is an overall positive impact in the economy and society. The economy benefits from the rise of small-sized companies that serve to increase the volume of trade, the pace of money changing hands and the revenues brought in. All these translate to jobs generated, taxes falling due and settled, and healthy competition maintained in the various industries. Thanks to business endeavors of all sizes, the government is able to ensure that there are enough jobs for graduates and working students.
Increased numbers of business entities boost economic activities and bring in healthy tax revenues for the country. Likewise, more business ventures – all active and running – safeguard the availability of choices for the consuming public and protect them from being at the mercy of monopolies. The more ideas and business opportunities acted upon, the better for the economy. The society, in turn, benefits from the success of each new venture because of the shining examples they provide for many young budding business minds . This ensures a steady supply of new ideas coming in and new enterprises created and built on such ideas.
Success stories serve as a source of inspiration for people who are yet to find their place under the sun. Another happy story of an enterprise founded purely on a novel idea will always be a delight to hear. It is certainly not easy; nobody said it would be easy. But the rewards of creating a business endeavor and starting up a new venture are truly worth all the efforts and hard work devoted to the project. You need only to take the first steps – to conceive the right idea, to convert it into an opportunity, and then to grab it.