Refining your business idea

Becoming an entrepreneur is exciting; you get to think creatively and do things your way, creating a business that you can be proud of.

By now you will have your business idea, you will have had that ‘light bulb’ moment and seen a gap in the market that your product or service could perfectly fill. But how do you turn this fantastic idea into a real-life profitable business?

With a lot of planning!

There is a lot to think about when starting a business and you will need to constantly refine and re-define your business idea to ensure that it becomes a reality. A business plan will be essential to your success, but before you launch yourself into writing this in-depth document, use the guide below to develop a solid understanding not only of your own idea, but also of what will be required by you in the process.

This guide will explain all of this and more, including how to:

  • Structure your business idea
  • Create a SWOT analysis
  • Use the Porter's Five Forces Model
  • Develop your business model canvas
  • Identify your personal qualities
  • Highlight your business skills

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