Successful business with new ideas

Starting a business is not a simple task. Although the basis of every successful business is a good idea, before entering the business waters it is necessary to make a business plan and market analysis. Also, it is wise to learn all legal requirements and ensure the initial capital that will enable clear management in the first phase of business development.

In the modern market, the product life span is shorter, whilst the competition is bigger, so now innovation is needed more than ever. Most of the ideas are not original and it all comes down to adapted imaginations and external success. All of this is good for small businesses, but it does not attract foreign investment and has no potential for further development.

Although in the last couple years, a lot has been said about business incentives in Serbia, with a focus on innovative start-up projects, numerous good theories and intentions, educative projects, workshops, conferences, incubators etc still precedes the number of start-up companies. Serbia has made substantial efforts to ensure finances, but it seems a lot more has to be done in order to develop this area of business. In order to increase the number of entrepreneurs, that are the driving force of new start-up companies, with innovative ideas and persistence in their will to succeed, experts state that it is essential to simplify the business management – easing the bureaucratic obstacles in registering new companies and establishing an efficient legal and educational system.

For a successful start-up of a business, good associates are important, the clients must get what they really want and be cost efficient. New business ventures do not succeed if any of the above mentioned segments are not realized. Experts think that a business idea becomes a successful business through five points:

  1. Every business begins with an idea – No matter if it is  a unique idea, a bought or borrowed idea, the idea is the essence of every business in all of its phases: from the starting phase, development, through to sale or merger. The idea is the most interesting part of the business; it is its drive and initiator. It makes the entrepreneur proud and ignites the adrenalin. It makes something new and different.
  2. The idea must have a name – It is necessary to name the idea so it can be recognized. Although it can be very personal, the name must define and with the assistance of the objective environment that will accept it.
  3. Business plan and market analysis – In order to have a prosperous business once it is initiated, it is necessary to have a plan that will state the direction of development and how it will accomplish the set goals. The clear business plan is also required  document the potential investors will ask for.
  4. Legal regulations - There are legal regulations that have to be followed, and differ according to the economic and industrial environment. It is necessary to protect intellectual property. There are various instruments in the Law on Copyright and Related Rights that can secure various aspects of the business.
  5. Financing – The business idea that will initiate the business will probably not make profit in the beginning, so the business plan must predict a period and needed finances in the starting phase that will allow development of the business and thus make profit. This can be investment of the individual, investors or business partner’s investments.

The process of business formation and development is not only an adventure, but a real challenge. In order to help the entrepreneur, it is very important to create a favorable business environment. Providing easier access to financing, simplifying the administrative procedures and increasing efficiency, development of business culture and support of the business networks are factors that have a big influence in creating new businesses and increases the potential for their success. A stable, predictive and a stimulative business environment is what foreign investors are looking for when assessing potential locations for investment. Such favorable business environment is what should be offered if we want to create and solid economic growth.

The idea is a condition to success, but if there is no knowledge on how to implement the idea, one will not be able to prosper. In order to monitor frequent global changes, we must continue to learn and follow global trends and practices. To follow up with all the changes, one must be able to change and perfect oneself, and to adopt the philosophy of lifelong learning.

Source: www.innovationfund.rs

Sep 25, 2012 in Serbia
tag: , ,