The problems people encounter daily form the basis for some business ideas but the capability to execute them is often inadequate among budding entrepreneurs, experts have observed.

Business consultants posit that the ability of entrepreneurs to turn ideas into money-making ventures depends on their knowledge of business management and their capability to overcome problems when they arise.

In addition, the poor business environment that raises overhead costs above the revenue generated has led to the failure of start-ups in the first two years while others struggle to survive.

As a result, experts have highlighted the following as practical techniques to implement business ideas.

Develop a business concept

It has been shown that a business concept will give clarity to an idea and help the entrepreneur to identify the features of the product or services they are about to offer.

A business consultant, Mr. Tunde Babatope, says developing a business concept requires that the entrepreneur critically thinks about the idea, identifies the value it will create, the target market and its unique selling point.

He adds, "The suppliers of raw materials have to be identified as well as their location. The buyers, their preference and financial capacity have to be considered.

"This concept will help you to describe the exact nature of the business, the suppliers, customers, the distribution channels and the skills required from employees, among others."

Thereafter, the business concept can be used to draft a vision statement of the enterprise.

Understand the market

In order to understand the needs of the market and how to meet them, experts advise that market research should be conducted.

According to them, a feasibility study, which will give insight into who the products or services fit, who the target consumers are and the acceptable price range, should be carried out

The Managing Director, Bestway Corporate Services, Mr. Victor Abayomi, says the most important aspect of a feasibility study is the market because if the manager does not know what his or her prospective customers want, then he or she will not be able to produce or supply what they need.

He adds that understanding the target market will help any business person to excel.

This, he says, is important to prepare them for changing market demand and conditions coupled with preventing their businesses from being left behind by competition.

Select a good team

Experts observe that employees are capable of building a business or ruin it and as a result, caution must be taken when selecting people to work with.

According to Babatope, people who are able to complement the weakness of the business manager, who share a similar vision with the owner, and are easy to work with, should be selected.

He suggests that managers should ensure that their team cares about the venture and buys into the purpose as much as they do.

When interviewing people, he advises that the entrepreneur should do some reading on how to identify real talents beyond the certificates.

He adds that innate talents, which are different from educational achievements, can be more useful.

Prepare a financial plan

According to a business consultant, Nina Nixon, the financial demand of a business is calculated after the owner has finished conducting the market research, described the products, services and marketing strategy; and set the organisation's operating principles in place.

She says any other items that pertain to the business as an expense should be defined before setting out to create the financial plan.

Nixon notes that the goal is for the entrepreneur to be able to run the business on a predefined budget, so that there are no hidden or undefined costs that may threaten operations over a certain period of time.