Smart business ideas although not easy to come up with, it over simplify complex tasks and builds wealth. Evidently entrepreneurship and innovation must go hand in hand for it to generate economic growth. Smart business not only create jobs but also strengthen market competition and increase productivity bringing economic growth for developing countries such Ethiopia. Jumia Travel one of Africa’s successful startup which have expanded its business all over Africa and Europe shares seven smart business ideas that will lead to success to any innovative idea.
Innovating products and services that people need
Experts say that new business are created due to the gap in needs and demands in the market that are not fully supplied. This is an opportunity according to business development experts. Starting a business in response to lack of ample supply in the market is set to succeed more than a new businesses opened for lack of opportunities in the employment sector. A company launched as response to market incorporating more innovation is vital to generate economic development filling the demand of the market.
Creating Job opportunities
Smart business ideas need to create job opportunities so that it can also benefit from others skillful inputs benefiting both the community and the country as a whole. Teamwork goes a long way and create a desired economic return and grow the business.
Taking advantage of Globalization
The Technology era had made it possible for big and small companies to expand their services and products to overseas markets. With countries connected more than before foreign markets proved to be still untapped providing great opportunities. This is a massive contribution directly supporting not only the country economy but also the continent economy. Trading abroad promotes more investments including development in infrastructure and transportation. The broader business model is going to create experts through experience sharing.
Tapping into Technologies to promote efficiency
The new startup innovative idea needs to be something that can be converted into products or service that people can actually use. Development is usually driven by new technologies and ability to implement them as the world is going digital avoiding time taking transactions particularly to the once which are going beyond borders.
Efficiency and greater objectives
Obviously creative business promote efficiency and preserve resources solving both social and economic challenges crafting invocative ideas. Smart business choices will save the company from wasting resources making efficient and cost effective choices that will bring further development and innovation.
Preparing for stiff competition
Preparing for competition ahead of time is part of innovation that will make the company above the competition. Being ready even for unforeseen things that might affect the new business. It’s important to create conditions and solve the imaginary problems even before they occur so the company can only grow going above the challenges.
The importance of network and partnership
Most innovators believe that they can do everything by themselves missing out on the potential of support from partners. Networking with fellow innovators is everything because those connections can bring up more ideas and develop the initial ideas so that it can be converted into a viable business that will support economic growth.
By Eden Sahle she can be reached at email@example.com