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Thread: Business Idea Feasibility Study 101

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    Gold Member vieome's Avatar
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    Business Idea Feasibility Study 101

    So we had a look at business Ideas 101 and at least two of the ideas I called out 06-Sep-12, 01:37 PM Business Ideas 101 are feasible in the current environment.

    2. Water Storage Tanks
    With lack of water it is important that people collect rain water for use in the Garden etc. But perhaps in stead of making plastic ones for sale set up a business making them out of bricks, I have even seen some in Malaysia made out of wire mess and clay.

    3. Solar Panels
    Provide some form of solar power for homes.

    4. Invertors
    One can use solar to charge battery and an invertor to power up house, a good future business to invest in.

    Okay in Summing up Business Ideas 101 I will conclude, that the basics of generating a good business idea, comes from creativity and innovation.

    Creativity- coming up with an idea
    Innovation- Implementing the idea.

    Two important types of thinking are needed in idea creation.

    Divergent thinking- The ability to come up many diverse ideas (left Brain)
    Convergent Thinking - Logical thinking (right brain)



    So now that we have passed the basics the step after idea generation is conducting a feasibility study. This is the stage where we look to see if we can convert the idea into a business. Given that there are many business owners on the forum, please can you provide input on how you managed to turn your ideas into a business. What were the factors that you looked at before you made the idea into a business.

    Advice to those with ideas:
    I know many with ideas seem to think that all they need is investment, but a word of caution on that, know that investors will never in invest an idea, if you yourself have not invested in it.

    So how do we check if our idea is feasible?

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    Diamond Member adrianh's Avatar
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    I am a bit bit of a loss to understand the post. The post seems somewhat unstructured and convoluted. Are you looking to show your development process, are you looking for us to show you our development process or are you simply asking a rhetorical question?

    No I am not being a wise-ass, I just want to get a feel for your frame of reference.
    How easily someone is offended is directly proportional to how stupid they are.
    ~GS Elevator

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    Gold Member vieome's Avatar
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    Hi Adrian I was looking answers on how to conduct a feasibility study. In other words some one has an business idea, so from there what is the next step one has to conduct in order for the person to understand if the idea can be turned into a business.

    And trust me adrianh I do enjoy your frank way of speaking, some times you say things people don't want to hear, but need to hear, I call that being constructive.

    Simply speaking I'm just looking for how people turned their ideas into a business.

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    Diamond Member adrianh's Avatar
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    LOL

    Got some work to get through. After that I'll down my thoughts on the different ways we've tried to do it. I don't for one moment profess to have the right answers but I have learned many wrong answers - the very costly hard way!
    How easily someone is offended is directly proportional to how stupid they are.
    ~GS Elevator

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    Diamond Member Justloadit's Avatar
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    Just a word of caution , when doing a little market research in testing the market, one has to be very careful not to divulge the full idea, or try and do the reseach with out letting the cat out the bag, because before you know it, someone else may have taken the idea and run with it.

    When an idea is first thought up, it usually stems from a necessity.
    Necessity is the root to new inventions!

    What we need to understand, that at the fast pace our planet travels at in communications speeds is quite frightening. There are 7billion people on the planet, a minimum of 2 people on the planet will get the same or similar idea, and solution, the question is who can do it the fastest and cheapest.

    So all problems we experience/witness and all potential solutions are viewed by every one, almost at lightning speed. The difference is that not every one can see a potential business venture in each problem, nor can they see the solution in each one. Speak to one person about it, and bang they are on the same wavelength as you. The question is, can you trust that some one when you are busy developing the idea.

    What I have done, and sometimes it works, and sometimes it does not. It all boils down to finance - plenty of it, and the idea will work and make money. Shoe string budget, well it has failed before it has started. Very very few actually make it.

    I get an idea, I then work out what the selling price will be.
    I talk to a few close friends that I trust, and get their feel.
    If positive, I then go outside the circle, and very carefully choose my questions to get the response I need by being evasive in the way I ask the question.
    If positive results, then I proceed to make a prototype. Test the concept see if it works.
    If positive, I don't go running for a patent, very costly and time consuming, and very difficult. 7 billion people and some part of the idea has already been patented.
    I make a small run, make up some marketing material and sell what I have,
    if it takes off, I make production.

    My experience is that 1 to 2 out of every 100 ideas makes it to market as a standard product.
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar and LED lighting solutions - www.microsolve.co.za

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    Gold Member vieome's Avatar
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    Okay cool. Also when you have time, you mentioned in the past that you bought a 3D printer, how is that working out, has it given you any stress?

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    Gold Member vieome's Avatar
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    @Justloadit thanks great advice.
    And I have being meaning to ask you, I seem to remember you mentioned some years back you bought a raspberry pi, was just wondering if you have made any good use of it.

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    Diamond Member adrianh's Avatar
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    Quote Originally Posted by vieome View Post
    Okay cool. Also when you have time, you mentioned in the past that you bought a 3D printer, how is that working out, has it given you any stress?
    I bought a Ultimaker 2. The machine works well and the software is good. The machine is great if you want to make low resolution non-working stuff like figurines but as far as I am concerned not much else. It is really just a toy. The resolution isn't good enough for the level of detail that I need, it is too slow to do anything large and the final result is too weak to be of any practical use.

    I print the odd part that will be used as a master for resin casting. The problem with the printed part is that it needs a lot of finishing before it can be used as a master due to its poor resolution. Anyway, I have a brilliant sculptress at hand who can sculpt absolutely anything by hand. I hand off all work that is even remotely artistic to her. She can complete a beautiful sculpt long before I figured out how to draw the part in 3D.

    I prefer to use the little CNC. I wish I had lots of capable hands and minds who work with me and don't give me shit. I have another project that needs to be done but to do it I need to put a 4th axis on my mini CNC. With a 4th and 5th axis there is very little that can't be done on the CNC.

    Just as an aside. I converted a 3D printer to a mini CNC machine a couple of months back. The client managed to destroy the extruders and the PC board. I don't want to go into the gory details but lets just say he isn't very bright. I removed the extruders (yes, he actually managed to destroy 2) and machined up a mount for a Proxxon machine (Similar to a Dremel but 10000x better). I used a Arduino UNO, GRBL shield and a couple of stepper drivers. There are many open source GRBL CNC toolpath generators so it was just a matter of picking one and running it on the PC. The machine works quite well.
    How easily someone is offended is directly proportional to how stupid they are.
    ~GS Elevator

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    Diamond Member Justloadit's Avatar
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    @vieome I call it a dust collector, never ever had time to switch it on. Still in the cover that it came in.

    I have been more interested in the "beaglebone black" but also been busy not getting to it. I also tried Python, but again time has been the problem
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar and LED lighting solutions - www.microsolve.co.za

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    Gold Member vieome's Avatar
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    Quote Originally Posted by adrianh View Post
    I prefer to use the little CNC. I wish I had lots of capable hands and minds who work with me and don't give me shit.
    From the your write up on the machines etc, I see that you definitely need lots of capable hands and minds. I guess that is where the real problem is in any business, as owner one is motivated by profit and that means making and moving product. As a worker one is motivated by salary, and that simply means turning up to work.

    A few weeks ago, I was looking at some ideas I wrote in my ideas journal and came to the conclusion that the time is right for some of ideas to be implemented. How long did it take you from the decision to start your own enterprise to get to the stage where you are now?

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