Business Ideas & a strategic Vision

Business idea

This is a concept that can be used for financial gain that is usually centered on a product or service that can be offered for money.

Strategic vision

A strategic vision is usually in form of a statement expressing an approach of a business/company’s future direction and business make up. It is a guiding concept for what the organization is aspiring to do. The strategic vision helps to set the parameters for the development of planning specific steps to go about making that vision come true, since it establishes the general direction that the business will pursue. A workable vision clearly looks beyond where the company is today and determines where the owners want the company to be at some point in the future.

 

Some visionary quotes (during training, not all of the quotes below will be cited to inspire people)

  • We might possess every technological resource but if our language is inadequate, our vision remains formless, our thinking and feeling are still running in the old cycles, our process may be “revolutionary” but not transformative.– Andrienne Rich
  • Every man takes the limits of his own field of vision for the limits of the world.– Arthur Schopenhauer
  • It’s a vision of orderliness that enables the artist along any line what-so- ever to capture and present through his imagination the wonder that stimulates him.– Robert Henri
  • To be realistic today is to be visionary. To be realistic is to be starry-eyed.– Hubert H. Humphrey
  • The most pathetic person in the world is someone who has sight but has no vision.– Helen Keller
  • Our visions begin with our desires.– Audre Lorde
  • Give to us clear vision that we may know where to stand and what to stand for–because unless we stand for something, we shall fall for anything.– Peter Marshall
  • A vision is not a vision unless it says yes to some ideas and no to others, inspires people and is a reason to get out of bed in the morning and come to work.– Gifford Pinchot
  • The world of tomorrow belongs to the person who has the vision today.– Robert Schuller
  • A man to carry on a successful business must have imagination. He must see things as in a vision, a dream of the whole thing.– Charles Schwab
  • No man that does not see visions will ever realize any high hope or undertake any high enterprise.
    Woodrow Wilson
  • Strategic planning is worthless — unless there is first a strategic vision.– John Naisbitt
  • Champions aren’t made in gyms. Champions are made from something they have deep inside them-a desire, a dream, a vision. They have to have the skill, and the will. But the will must be stronger than the skill.– Muhammad Al

Sources of business ideas

  1. Technical skills acquired/experience– it gives an opportunity to adventure into the things that people can do to provide a good or a service for money.
  2. Speculation– this can come as a result of anticipating changes in demands or by way of perceiving new developments or recognizing new trends. It also includes identifying gaps in the market that can provide opportunities for business usually along value chains. Changes in consumer income and population growth can help to generate a business idea.
  3. Business networks– these gives an entrepreneur access to market information and or advice, working capital etc.
  4. Media– these make business information available such as areas were new developments are taking place, opportunities to provide tenders, successful business stories etc. through different media devices e.g. radios, TVs, newspapers, magazines etc.
  5. Market research- is any organized effort to gather information about target markets or customers. It is a very important component of business strategy or when choosing a business idea.

Exercise: Think on how to generate a business idea in a case were people come every Sunday to watch football in a stadium that is a km from where you stay?

Creativity and Screening for business ideas

Most business ideas are vivid but they become meaningless if they are not feasible in the real world or in an area where they are going to be rolled out.

-suggest the business opportunities

-rank your business ideas

-list the tasks and resources needed to get the business running

-bring out the anticipated challenges that you are likely to face

Business models

Just-in-time Inventory (JIT), Vendor Managed Inventory (VMI) and Customer Managed Inventory (CMI) are a few of the popular models being employed by organizations looking to have greater stock management control.

JIT is a model that attempts to replenish inventory for organizations when the inventory is required. The model attempts to avoid excess inventory and its associated costs. As a result, companies receive inventory only when the need for more stock is approaching.

VMI and CMI are two business models that adhere to the JIT inventory principles. VMI gives the vendor in a vendor/customer relationship the ability to monitor, plan and control inventory for their customers. Customers relinquish the order making responsibilities in exchange for timely inventory replenishment that increases organizational efficiency.

CMI allows the customer to order and control their inventory from their vendors/suppliers. Both VMI and CMI benefit the vendor as well as the customer. Vendors see a significant increase in sales due to increased inventory turns and cost savings realized by their customers, while customers realize similar benefits.