What an Idea!

Humans have been earning to maintain their family and themselves, since time immemorial. One may sustain himself either by wages or through profits. India has always been a nation of profits and traded with the ancient Sumerians and Mesopotamians in spices, jewellery etc.
Cut to the present day, we see a wave of new business taking shape, some failing, some just about surviving and a few making it BIG. So all this hard work and endeavours have some kind of a starting point, origins etc. So let’s dwell on them

What is a business idea?
An idea, simply put, is a concept or a construct which is unplanned and only in the preliminary stage of the thought process and further extrapolating it, a business idea if one which is meant to generate profits. The business idea may be generated from past experiences, from needs unfulfilled or by technological advancements.
For a business idea to generate gold, it should be viable, planned, funded, and executed in the correct market. Now, while further digging into the concept of a business idea, it may be prudent to know something about them –

a). Product based
Here the business idea or business is based on a particular tangible product, which may be manufactured, or re-engineered for the market. The product will have size and shape, be big or small and may also require storage facility. For eg manufacturing of engines, motors etc.
b). Service based
Here the business is based on an intangible concept, which will not have any size and shape but used to enhance or maintain certain needs. For eg services of a salon, services of a computer/laptop maintenance firm etc.
c). Technology Based
These types of business is based on some scientific principle or technology, for eg. Software development business (service based), manufacturing of engines, motors (product based) etc
d). Non Technology Based
These types of business, do not use any technology base for their offerings to the market. For eg running of a stationery shop, import and sale of products etc.

Nowadays, due to the advent of several new technologies, the world and particularly India is entering a very interesting phase of commercial viability of business. Due to the blessings of AI, ML, Cloud Computing, Robotics, and Block Chain Technology, a wide array of opportunities is knocking at our doorsteps. They have enabled innovations to be incredibly fast tracked and be result oriented, for better profits…. Wait…. Innovation… what’s that?

Innovation is derived from the word Innovate, i.e. re-engineer to a newer product/service or design something completely brand new.

For a re-engineered innovation the product/service has to be significantly cheaper, significantly easier to operate, significantly altered with more qualities etc. For a completely new product/service it should fulfil business or societal needs, previously unattended to.

Therefore, the paradigm shift towards new businesses, using viable innovation and technology is sought after, and you my dear friends can surely ride this band wagon.

What an Idea!

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