How to Choose a Business Concept for a High Growth Venture

A widespread dream of go-getters is to launch a novel business destined for high growth. In spite of the lofty vision, though, the majority of newcomers have scant idea how to go about the task. In fact, even experienced entrepreneurs often make the mistake of focusing on a few obvious factors and ignoring a host of other crucial issues.

As it happens, there is no single way to set up a dynamic venture. On the other hand, the lack of a universal path does not mean that all routes are equal. Rather, certain courses of action are a lot more efficient than other approaches.

In talking about a spry business, we are referring to a venture that could flourish for a decade or more at a pace that far outstrips the growth of the economy at large. In the modern era, a mature economy such as the one in North America or Western Europe is apt to grow at an average rate of some 2 to 3 percent a year over the long haul. Meanwhile the lively countries in emerging regions can trot ahead at a pace of 5 to 10 percent a year over the course of an entire generation.

For the purpose of this article, we will focus on ventures that can grow several times faster than the local economy over prolonged periods. In fact, the best performers can burgeon at an average rate in excess of 100% a year over the span of a decade or more.

You might be one of the gifted souls that just happen to wake up one day with a great idea for a superb business. If you're like most people, though, things will not be so simple.

In line with the earlier comments, there are coherent ways and haphazard ways to go about this task. What follows below is a recipe for approaching the project in a systematic fashion.

The procedure will not replace the need for effort nor will it stave off all the pitfalls along the way. Rather, the sequence of activities is designed to uplift your productivity and render your journey a little smoother than otherwise.

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