Business Ideation to Business Plan Preparation (Part 1)


The big question for a person who wants to start a new enterprise is “What Business to start?”

Identifying the right Business Opportunity is the core of success for any startup. A systematic and scientific approach is necessary for Opportunity Identification and we have opportunity to learn the process and structure, since it is not advisable to blindly copy any other’s business idea, which is generally done by people at large, resulting in start-up failures, because ideas which succeed in some places may not succeed in the same way in other places. Lots of due diligence and checks have to be done to ensure minimizing chances of failure.

This is one of the important attributes of an entrepreneur. An entrepreneur takes ‘calculated risk’ and not ‘risk’, it means it is a sound decision taken on the basis of extensive research and due diligence.

For the success of any enterprise, three things are very important on top of other criteria, viz., MONEY, PERSON and BUSINESS IDEA. If these three things are to rank in terms of their importance:


i- The prime important component is the “Person” behind the business. If the person behind the business idea is not entrepreneurial, the business is bound to fail no matter if the business idea is 100% viable and sufficient money is invested in the business. Beyond workable ideas and able to monetizing, a “motivation” factor on the person is very much crucial. Mclelland studies show energy or motivation contributes over 43% of business success, and there are several psychometric tests to justify the above traits either GETT (General Enterprise Tendency test, Motivation Trigger Color test or SRQ (Self-Rating Questionnaire). And yes, some of these tests being conducted beforehand by start-up incubators in some countries.

ii- The second most important component is the ‘Business Idea’ because the success of the business depends on the viability of the idea.

iii- The last important component is “Money”.

What do you think the most important aspect of Enterprises?

In the next posting, We will share on ‘Business Ideation Process’ & Business Plan Preparation

See your organization through the eyes of co-workers and stakeholders

See your organization through the eyes of co-workers and stakeholders

FMC Leadership Series
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Disney’s theme park close twice a year so all employees, called “cast members,” can bring their families to enjoy the parks as guests while management runs the rides, serves the concessions, and wears the costumes, demonstrating that everyone is on the same team.

Hyatt hotels Corp, has its executives visit properties multiple times a year, where they help check-in guests, carry their bags, and help local staff members with their jobs.

TS Tony Fernandes of Air Asia quoted that ‘most entrepreneurs think that they know everything, but you have to listen to all the others around you’. He is known as one who displays servant leadership that makes every corner of the staff feel comfortable.

Caliph Umar AL-Khattab (RA) ruled 1/3 of the world empire in 634-644. He went to the cottage and saw that the lady of the house was cooking something on the hearth, and the children were crying. Umar(RA) knocked at the gate and inquired why were the children crying. She said that they were crying because they were hungry. The lady said that in the kettle there was only water and stones. That was to while away the children that food was being cooked for them. She hoped that exhausted the children would go to sleep. He then goes and brings the aids by himself.

In your organization, Have top executives spend a few days in a year working on the front lines with customers directly with your products and services. They’ll have a new appreciation for that employees go through on the job and understand the people, process, problems, and solutions better.

During Cobit19 that sparks health, business, and economic crises;

Leaders need not be high!

Published By
Faisal Malik CA(M)
See your organization through the eyes of coworkers and stakeholders #entreprenuership #leadershipinaction #empathy #communication #changemaker #accountants #covid-19 #crisesmanagement #crisismanagement

FMC is willing to hear your aspirations outside and ready to extend our expertise in consulting, training, guidance and professional services, contact our team at admin@faisalmalikco.com. business mentor, mentor perniagaan, mentor bisnes