I have decided to make this just bullet points. This also because it’s my note for a recent speaking engagement on the topic. I am sure you will find this useful.
I want to start by separating all the words that form the topic given to me. We look at those words one after the other and try to bring them back together. That will help us understand the topic and make the most of it.
– This means to create or come up with something.
– To develop can mean to take something from its present state to a better state.
– To develop is to improve or recreate to bring out the best of something.
– You can develop something that’s new or develop something from what already exists.
– When you develop something that never existed, you become and inventor.
– If you develop something from what already existed, you are an innovator.
Why the need to develop?
1. Nothing good happens naturally. Genesis 1:1-2 confirms that.
2. When we refuse to develop, something that’s already good begins to decay.
3. Constant improvement or recreation – development – is what makes this life habitable for us.
4. People have needs so you must develop a solution.
Profitable – This simply means something that produces profit. By implication:
1. You have to develop something that produces profit.
2. To develop something that produces profit you have to know what the people need.
3. You should develop what the people can afford.
4. Develop what the people will use for a long time.
– A business is a commercial venture.
– An activity that you take on for the purpose of meeting a need and making money.
– Business can be a service
– Business can be products you’ve developed.
Ideas – What is an idea?
1. A flash of inspiration.
2. A thought on what to do.
3. Insights on way forward.
4. New thoughts to recreating what already existed
5. An inspiration on how to meet an existing need.
Business & Ideas – Where can business ideas come from?
2. Needs in the environment.
3. What people are complaining about.
4. What people are projecting to do in the future
5. Areas that people are moving into – New locations or urbanised areas.
6. What people don’t have time to do that you can create the time for will be a business idea.
How do you then develop a profitable business idea for self reliance?
1. Discover yourself.
2. Identify a need.
3. Find a solution to the needs around you.
4. What can you do conveniently from all the solutions you have identified?
To make it happen
1. Knowledge doesn’t make it happen, application of knowledge does.
2. Applying knowledge once in a while does not yield results; its the consistent application of knowledge.
3. Commitment will always be required to make things happen.
4. In addition to commitment, you will need discipline.
5. Leverage on mentoring.
6. Maximise technology.
In summary, to develop a profitable business idea, you need to look inwards and connect with the outward needs in your environment.
I wish you all the best.