As per John Giorgi, succeeding in business is not just about having a business idea. You need to be able to implement, manage and grow an idea in order for it to become a successful business venture.
There are many business ventures that fail because of a lack of planning or foresight into the business idea. There are some business ideas, which can be successfully executed, with business planning.
Here are the top 8 tips for business ventures that can guide you on what to do and what not to before launching your business idea. A business plan is the key driver of business activity and it defines how an organization’s resources will be used for achieving business goals successfully. It suggests management actions in the business organization. A business plan contains a business idea and an opportunity available in the market for business to make it a successful venture with profit-making opportunities.
The business plan is considered an important tool to raise capital, determine the status of business strengths, business weaknesses, and market opportunities. It becomes an important scheduling and budgeting tool for managers.
A business plan is the business blueprint and process for business. It defines business goals, business strategy, objectives, and action plans for business managers to implement business activities.
Top 8 tips suggested by John Giorgi on business ventures:
1) Business idea:
The success of business activity depends on how effectively you use your resources that include money, time, and other people in business. Therefore, business ideas should be chosen very carefully and business ventures should meet business objectives with business goals. Before implementing a business idea, it is important to test business ideas by doing market research to understand the demand of the product in the market and profit and loss opportunities associated with a business idea.
Don’t rely on your own perspective on how good an idea or business is. Also, get feedback from business partners, investors, and other business professionals to understand how good the business idea is.
2) Competition in the business:
An organization should know about competitors’ strengths and weaknesses to make strategic business decisions on actions to be taken to compete with them. However, The management of a business must identify major competitors in business and focus business activities to compete with them.
A business venture should be able to differentiate between business competitors and have business objectives for business success in the market. It is important to understand the business strengths and business weaknesses of business partners before signing partnership agreements.
3) Business plans:
Business planning helps business managers set goals, strategies, and action plans to make businesses successful in the market. Similarly, After business goals are, business managers can decide business strategies to achieve business goals and how business activities will take place in business for achieving business success.
A well-defined plan includes resources required for implementing business ideas, the budget required for business activities, and time line for taking action on business ideas. Business plans help business managers to determine business performance, business strengths, and business weaknesses.
4) Financial budgeting:
Financial budgeting is important in business to get financial support from investors and lenders. It determines how much money is requiring for business activities and where will it come from. However, A business plan has faulty assumptions. The financial resources needed for business activities will not get business support.
Financial budgeting helps business managers to determine business prospects, business strengths, and business weaknesses.
5) Market research:
Before implementing business ideas in the market. It is important to test business ideas by doing market research on how good business idea is for business success? What are potential problems associating with business ideas and business activities? What are the business strengths and business weaknesses of a business idea to win the market against competitors?
Market research helps business managers to determine business prospects, business strengths, and business weaknesses. Moreover, A strong business will have potential customers who know about the product or service offered by a business.
6) Business environment:
The business has an important role in the business environment. Bringing business opportunities, managing business risks, and protecting business resources. However, Business managers need to develop business plans based on current business conditions and business objectives to make business activities successful in business for business success.
Business managers will have business insights on business opportunities, business risks, and business resources. That business managers can use to take action on business ideas.
7) Business stakeholders:
Business activities affect business stakeholders who have business interests in business activities says John Giorgi. Stakeholders affect business success and business failures when business opportunities arise in business. Hence, A business venture should develop business plans after sharing business objectives with business stakeholders.
Also, Stakeholders include business partners, business employees, and business customers who can provide business insights on business opportunities, business risks, and business resources.
8) Business ethics:
Business managers are business leaders because they need to make business decisions that business stakeholders approve of in business. Also, business ethics refers to business decisions business managers make to win business opportunities in business. Moreover, business ethics help business managers determine business prospects, business strengths, and business weaknesses.
Hence John Giorgi says, business success is the result of business managers make business decisions. Business leaders take business actions to bring business opportunities for business. Business ideas are not enough for business success, business managers need business ethics to make business opportunities accessible for business.