Entrepreneurship is the process of looking over and scanning the environment for viable business opportunities and gathering the required resources to exploit the opportunities to make profit. In one way or the other we have involved in a business with an aim of making profit. Entrepreneur business ideas come from the identified opportunities or gap in the market. Before executing business ideas, there is a need of evaluating the ideas.
Here are factors for evaluating entrepreneur business ideas:
· Skills required-If the skills required to execute the business ideas play to the strength of the business, then the associated risk are less. For instance, it will be hard to start a business that requires you to use sales distribution strategy and you do not have sales skills.
· Size of the market- If the idea you have is to have a massive company or organization, then you need a large market. In case you only want to establish a small scale business, then you only need a small market.
· Quality and the quantity of work- You are required to determine the characteristic of the work involved. The activities of the business should not weigh you down and affect your health. The job done should be worth of your time. The quality of the job should go in line with your own code of conduct; it should not compromise your personal standards.
· Access to customers- It should be easy to develop customer relationship within a short period of time. This helps in getting the feedback of the product early enough in order to improve. The customers should be easily approached and should be ready to speak their minds concerning the product.
· Passion- Before executing a business idea, you should consider how passionate you are about the business. Can you be able to solve the business problems passionately without complaining? The business you passionate about should make you feel happy while serving the customers.
After considering the above factors, entrepreneur business ideas can be executed with a minimal risk in the future.