Sean O’Sullivan, a leading entrepreneur and dragon of the den shares his tips for
idea generation and business planning.
Knowing what makes a good idea
There are hundres of ideas out there. What makes a good one? All good ideas MUST conform to the following 3 points to be a successful business idea.
Improving your Business
Making a good idea better
Follow this simple process to make your idea even better.
- Brainstorm all the complaints, problems or needs that people have associated with your chosen idea, skils or interests.
- Try to solve the problems, fullfil the needs and incorporate them into your original idea.
- Be as creative as possible. Simply solving an associated problem that exists can create a demand for your idea. e.g. I need to bring computer files with me but keep losing my USB keys. Solution – create an online cloud storage solution and access the files on my phone.
Preparing for your Business Future
Importance of business planning
- Brainstorm all the complaints, problems or needs that people have associated with your chosen idea, skills or interests.
- Use an online tool to help design a business plan or download this FREE template.
- A business plan is a road map to a destination.
A business plan is your road map
It is comprised of the goals, strategies and actions needed to take you from where you are to where you want to be. In the daily course of business, you are bombarded with hundreds of tasks that demand your attention. Knowing what tasks support your goals and objectives allows you to concentrate on those things that will get you to your planned destination. Otherwise, it is too easy to spend valuable time working on things that will not generate value.
Business planning is like a road trip in a car – would you?
- Embark on a journey with no destination in mind?
- Leave without mapping out a route?
- Not check out your vehicle before and periodically during the trip?
- Have no idea of conditions ahead or other external factors?
- Leave without knowing the estimated cost of the trip and ensuring enough unexpected expense funding?
- Give no thought to rest stops?
Many people approach their businesses in just this manner and frequently encounter unexpected events that could have been easily avoided. So make sure to think through your business plan clearly and precisely. Because a little planning goes a long way.