Ideas come in different types and shapes. In business we can have product improvement idea, new business idea, advertising ideas, content idea, product line idea, etc.

Ideas are very important. When we look around us, everything is a product of idea apart from nature.

Therefore, ideas are the kick-starters of improvement, innovation, civilization, development and growth.

Ideas, like fuel, could be good or bad. Certain ideas lead to innovation and growth whiles other ideas result in loss or retrogression. So, what can be done to have an idea working for our good?

From a practical point of view, it is necessary to record all ideas as they come. Ideas flow through several channels: by reading, observing, having a conversation, meditating, starting an argument, solving a problem, even singing in the shower. Please write them down or record them with your mobile phone.

Then begin the filtration process to see whether the idea has commercial or business value.

First of all, do a simple search on the internet to know whether that idea already exists or not. If it does, how is that idea working? You may improve on that idea to create business value for it.

If that idea does not exist, move one step further by asking yourself: what problem(s) will this idea solve or improve?

At this stage, a picture will be unfolding as to what that idea can do.

Your potential target audience can begin with a relative or friend.
At this stage be very attentive, listen, observe facial reaction, have eye contacts, write down points, record every conversation, and ask questions for clarification.

When you obtain a positive response, widen the sample size of your audience further and see the feedback.

Obviously, you will need to refine your idea with the feedback because your idea has market-value when potential target consumers are willing to part money for it.

Therefore, refine it, till it meets their needs, solve their problems or improve upon an existing need.

At this point you have an idea that brings smiles to consumers and brings income to you.

You will obviously need to register a business or the idea, have strategies, etc. to create a business that will deliver a great service to your potential target market based on your idea.

The writer is a chartered accountant at TrustForm Business Africa
Reach us on: info@trustformafrica.com