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Starting a Business: How to Identify Good Business Idea?

Monday, August 14, 2017

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The term opportunity implies a good chance or a favourable situation to do something offered by circumstances. In the same vein, business opportunity means a good or favourable change available to run a specific business in a given environment at a given point of time.

The term ‘opportunity’ also covers a product or project. Hence, the identification of an opportunity or a product or project is identical and, therefore, all these three terms are used as synonyms.

Every business comes out of an idea. Businesses are started by men and women who see that people want to buy a particular product or service. A good business idea is essential, or even a prerequisite, for a successful business venture.

A business idea is the response of a person or persons, or an organization to solving an identified problem or to meeting perceived needs in the environment (markets, community, etc). Finding a good idea is the first step in transforming the entrepreneur’s desire and creativity into a business opportunity.

However, good business ideas do not usually just occur to an entrepreneur. Rather, they are the result of hard work and effort on the part of the entrepreneur in generating, identifying and evaluating opportunities.

How to Select the Right Opportunity

Step 1: Identify Business and Personal Goals

Step 2: Research Favourite Industries

Step 3: Identify Promising Industry Segments

Step 4: Identify Problem Areas and Brainstorm Solutions

Step 5: Compare Possible Solutions with Objectives and Opportunities in the Marketplace

Step 6: Focus on the Most Promising Opportunities

How to Identify and Select a Business Opportunity and then Implement the Business Idea

We, at NPCS, endeavor to make project identification a simple and convenient step for any entrepreneur. Our expert team, by capitalizing on its dexterity and decade's long experience in the field, has created a list of profitable ventures for entrepreneurs who wish to diversify or venture. The list so mentioned is updated regularly to give you a regular dose of new opportunities emerging in our country.

Project identification is the first step of any project cycle. Entrepreneurs need to identify and zero in on a project that suits their requirements and can help them attain their goals before spending significant time and resources on a project. They also need to study in detail the feasibility of the proposed project well before they start planning the other steps of the project cycle. Usually various aspects are required to be studied before picking a project.

Through its various offerings like Detailed project report, project identification and market research reports; NPCS helps an entrepreneur in analyzing every crucial aspect of the project identification process. Our Market research and project identification reports cover aspects like Demand analysis, present players, regulatory environment and market potential of a project. While our detailed project reports cover financial aspect of the project in profundity.

Free Instant Online Project Identification and Selection Service

Our Team has simplified the process for you by providing a "Free Instant Online Project Identification & Selection" search facility to identify projects based on multiple search parameters related to project costs namely: Plant & Machinery Cost, Total Capital Investment, Cost of the project, Rate of Return% (ROR) and Break Even Point % (BEP). You can sort the projects on the basis of mentioned pointers and identify a suitable project matching your investment requisites.

Download Complete List of Project Reports:

Detailed Project Reports

NPCS is manned by engineers, planners, specialists, financial experts, economic analysts and design specialists with extensive experience in the related industries.

Our Market Survey cum Detailed Techno Economic Feasibility Report provides an insight of market in India. The report assesses the market sizing and growth of the Industry. While expanding a current business or while venturing into new business, entrepreneurs are often faced with the dilemma of zeroing in on a suitable product/line. And before diversifying/venturing into any product, they wish to study the following aspects of the identified product:

·        Good Present/Future Demand

·        Export-Import Market Potential

·        Raw Material & Manpower Availability

·        Project Costs and Payback Period

The detailed project report covers all aspect of business, from analyzing the market, confirming availability of various necessities such as Manufacturing Plant, Detailed Project Report, Profile, Business Plan, Industry Trends, Market Research, Survey, Manufacturing Process, Machinery, Raw Materials, Feasibility Study, Investment Opportunities, Cost and Revenue, Plant Economics, Production Schedule, Working Capital Requirement, uses and applications, Plant Layout, Project Financials, Process Flow Sheet, Cost of Project, Projected Balance Sheets, Profitability Ratios, Break Even Analysis. The DPR (Detailed Project Report) is formulated by highly accomplished and experienced consultants and the market research and analysis are supported by a panel of experts and digitalized data bank.

We at NPCS, through our reliable expertise in the project consultancy and market research field, have demystified the situation by putting forward the emerging business opportunity in India along with its business prospects.

Each Detailed Project Report Contains:

Beginning:

Project Introduction, Brief History of the Product, Properties, BIS (Bureau of Indian Standard) Specifications & Requirements, Uses & Applications.

Manufacturing Techniques:

Formulae Detailed Process of Manufacture, Flow Sheet Diagram.

Market Survey:

Present Market Position, Expected Future Demand, Statistics of Imports & Exports, Export Prospect, Names and Addresses of Existing Units (Present Manufactures).

Personnel Requirements:

Requirement of Staff & Labour, Personnel Management, Skilled & Unskilled Labour.

Plant & Machinery:

List of Plant & Machineries, Miscellaneous Items and Accessories, Instruments, Laboratory Equipment's and Accessories, Plant Location, Electrification, Electric Load and Water, Maintenance, Suppliers / Manufacturers of Plant and Machineries.

Land & Building:

Requirement of Land Area, Rates of the Land, Built up Area, Construction Schedule, Plant Layout.

Raw Material:

List of Raw Materials, Properties of Raw Materials, Availability of Raw Materials, Required Quality of Raw Materials, Cost / Rates of Raw Materials.

Financial Aspects:

Cost of Raw Materials, Cost of Land & Building, Cost of Plant & Machineries, Fixed Capital Investment, Working Capital, Project Cost, Capital Formation, Cost of Production, Profitability Analysis, Break Even Point, Cash Flow Statement for 5 to 10 Years, Depreciation Chart, Conclusion, Projected Balance Sheet, Land Man Ratio.

See more

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Contact us:

Niir Project Consultancy Services

106-E, Kamla Nagar, Opp. Spark Mall,

New Delhi-110007, India.

Email: [email protected]  , [email protected]

Tel: +91-11-23843955, 23845654, 23845886, 8800733955

Mobile: +91-9811043595

Website: www.entrepreneurindia.co , www.niir.org

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About NIIR

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NIIR PROJECT CONSULTANCY SERVICES (NPCS) is a reliable name in the industrial world for offering integrated technical consultancy services. NPCS is manned by engineers, planners, specialists, financial experts, economic analysts and design specialists with extensive experience in the related industries.

Our various services are: Detailed Project Report, Business Plan for Manufacturing Plant, Start-up Ideas, Business Ideas for Entrepreneurs, Start up Business Opportunities, entrepreneurship projects, Successful Business Plan, Industry Trends, Market Research, Manufacturing Process, Machinery, Raw Materials, project report, Cost and Revenue, Pre-feasibility study for Profitable Manufacturing Business, Project Identification, Project Feasibility and Market Study, Identification of Profitable Industrial Project Opportunities, Business Opportunities, Investment Opportunities for Most Profitable Business in India, Manufacturing Business Ideas, Preparation of Project Profile, Pre-Investment and Pre-Feasibility Study, Market Research Study, Preparation of Techno-Economic Feasibility Report, Identification and Section of Plant, Process, Equipment, General Guidance, Startup Help, Technical and Commercial Counseling for setting up new industrial project and Most Profitable Small Scale Business.

NPCS also publishes varies process technology, technical, reference, self employment and startup books, directory, business and industry database, bankable detailed project report, market research report on various industries, small scale industry and profit making business. Besides being used by manufacturers, industrialists and entrepreneurs, our publications are also used by professionals including project engineers, information services bureau, consultants and project consultancy firms as one of the input in their research.

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