A wise person once said that ‘necessity is the mother all inventions’. This old saying is also the foundation of many enterprises.

We are often driven to create, build something new or even offer a new service when the need arises.

Then again, how many ideas have grown into successful business modules?

There are a few way to chalk out the ideal concept for your venture. These include:

  1. Surveys to understand the needs of the public
  2. Identifying the business domain that you wish to be part of
  3. A wild hunch!

While the third idea is often a gambler’s forte, surveys and a thorough understanding of business domains have proven to be useful most of them.

Many startup entrepreneurs also believe in joining the band-wagon and setting the bar higher.

The most prominent of them are mobile app inventors. The creators of mobile apps have given the public a run for their money in every possible area of expertise, including food delivery services, healthcare, entertainment and more. As a result, the competition in this domain is intense.

Conceptualisation is the key to any startup venture. If your concept is only a vision that you have, you are unlikely to convert it into a revenue generating enterprise.

Here are a few questions that could be considered during the conceptulisation stage of the enterprises:

  1. Are you convinced of the concept?
  2. Is the concept sustainable?
  3. Is the concept feasible?
  4. What does the business module offer?
  5. Would you be able to explain the concept to a target group?
  6. Will investors be willing to spare their resources for the venture?