The Small Business Forum
Business Creation
- Business creation is recognised to be a process that begins with having a business idea and involves identifying an opportunity for the business idea, evaluating the opportunity and mobilising resources to carry out the business.
- A business idea is a product, ―goods or services ― that you may want to offer based on your interest and general understanding of the market.
- Identifying a business opportunity involves scanning for market gaps that could be met by your proposed goods or services. The gap may be in unmet needs or problems. Evaluating the opportunity is assessing if the identified gap could be the basis for setting up a business that is both feasible and viable. Feasible is technically doable. Viable can be done at a profit, and mobilising resources is finding the funds required to establish and operate the business. The three are vital steps in setting up a viable business.
Comments, Questions and Suggestions welcome.
drkibuka@thesmallbusinessforum.co.ke
+254-729524219
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