Developing a Unique Business Idea

The assignment content discusses the process of developing a business idea. It emphasizes the importance of preparing financially and psychologically before starting a business. The author shares their own experience of coming up with an idea for a bookshop and library that hosts activities, which they believe has not been invaded by many people in the region. They highlight the need to conduct thorough research on the idea to understand its strengths, weaknesses, merits, and demerits before implementing it. The content also touches on the importance of protecting business ideas from predators and ensuring that they are viable and achievable.

Running Head: BUSINESS IDEA
Developing Business idea
Name of Student
Name of University
Name of Tutor
Course Name and Code
Date

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Developing Business Idea
Starting a business involves coming up with an idea that is to be implemented. It is usually a
complicated process to some people especially if it is a new business concept. It is obvious
that any business process must involve financial implications for better success (Jain & Jain,
2012). It is important to note that a business owner must prepare both financially and
psychologically. I am thinking about opening a bookshop and a library that will host a
number of activities. This business is one that has not been invaded by so many people. I
believe that this kind of business can tremendously perform well despite the fact that there
are some small scale retailers. The business itself requires a number of skilled personnel to
make sure its operations run smoothly and effectively. Developing any business idea does not
require skills or expertise for that matter. It is a simple thing to do so long as the idea is an
executable and viable one (Hopkins, 2013). There are many sources where one can source for
the best ideas that would help to come up with an appropriate thought about a business. The
most common are sourced is consultation; an individual may wish to consult friends on the
best business he or she may venture into depending on the available financial capability. This
source of developing ideas has some pros and cons. In fact, a consequent part of this is copy
and paste. This means copying other peoples’ business (Peter & Olson, 2010).
However, there is no hindrance of doing this, but as an entrepreneur, you should come up
with a fresh idea to put on trial and ensure that it is implemented. On doing this, one would
be able to identify the problems and advantages, and because he or she is the owner, it will be
possible to make adjustments and improvements where necessary (Loudenback & Kelley,
2013). The kind of business I am thinking about is one that has not been started by anyone in
this region. Although, there are other same businesses, my business will be slightly different
because it will serve as an online library. It will target an elite group, for example, university
students who will get a chance to read online materials which are organized and put in a
manner that corresponds with the curriculum. In a view to connecting the business with other

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Developing Business Idea
local library businesses in the region, the online library will also operate such that it gives an
opportunity to those who would wish to borrow books and other materials just like most
libraries do. An additional advantage is that it can be accessed by many people including
those residing far away and in other countries. It is important to note that any business idea
should be one that is viable and achievable, and not an illusion or a mirage. As many people
know it, a business idea may suffer threats if not protected effectively from predators (Jenster
& Hover, 2014). They are always vulnerable to attacks such as being stolen and used before
being implemented by the original author. Therefore, it is important to safeguard and protect
the idea not to escalate to the public.
However, a stolen idea may sometimes fail to work as intended or may work accordingly due
to improvements that may be put into it to enrich its contents. To develop an effective idea,
one needs to take enough time doing enough research about the idea to ensure that it is
conclusively done and properly understood before any other thing is done (Nash, 2015). This
will ascertain a better and deep understanding of the merits, demerits, weaknesses, and
strengths. Some business ideas can be learned in schools while others may just be conceived
in an individual’s mind. The teachings about entrepreneurship in schools give broad aspects
about developing business ideas which can then be employed to gather knowledge about
coming up with entrepreneurial ideas. Finally, it is important to note that any business idea
would be fit to venture into if it is viable and can be executed to yield income.

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Developing Business Idea
References
Hopkins, D. (2013). New emphases in business ideas. Entrepreneurship studies,
6(6), 410-419. http://dx.doi.org/10.1016/0019-8501(77)90003-7
Jain, S., & Jain, S. (2012). Entrepreneurship. South Melbourne, Victoria:
Cengage Learning Australia.
Jenster, P., & Hover, D. (2014). How to focus idea development to serve strategy.
Planning Review, 20(4), 32-36. http://dx.doi.org/10.1108/eb054365
Loudenback, L., & Kelley, E. (2013). Business Planning and Business idea development.
Journal Of Entrepreneurship, 36(4), 113. http://dx.doi.org/10.2307/1250442
Nash, E. (2015). Direct Entrepreneurial Focus. New York: McGraw Hill.
Peter, J., & Olson, J. (2010). Difference between a businessman and an entrepreneur.
New York: McGraw-Hill Irwin.