What Is a Business Project?

You can define a project as a scientifically created work plan devised to achieve a specific objective within a specific period of time.

In relation to business concept, you can say a project is a specific activity on which you spend money in expectation of profitable returns.

In technical terms, a project has to have a starting point, a specific end point and is intended to achieve a specific objective within the time frame existing between those two points.

You can also add many other attributes to a project. A project can be limited to a specific geographic location, to a set of population, a specific area of a subject, etc...

In a broad sense, a project includes all the activities which are carried out in order to achieve:

a. production of goods and or services

b. increasing the capacity of the current ongoing projects

c. increasing the productivity of the existing means of production.

From the business point of view, a project can be termed as a proposal for investment to create, expand, develop certain business activities that creates the production of goods or services in a community that gives mutual benefits to all the parties involved in the project during certain period of time.

There are many ways in which you can classify a project.

You can classify them as

1. Quantifiable and Non-quantifiable projects.

2. Sectoral projects

3. Techno-Economic Projects

On the basis of economic activities you can divide the projects into the following important divisions:

Division 0: Agriculture, Forestry, Hunting and Fishing

Division 1: Mining and Quarrying

Division 2, 3: Manufacturing

Division 4: Construction

Division 5: Electricity, Gas, Water and Sanitary Services

Division 6: Commerce

Division 7: Transport, Storage and Communications

Division 8: Services

Division 9: Activities that are not adequately described

The above divisions makes the task of classifying the projects into easily identifiable on the basis of economic activities.

How to get Ideas for your Business Project?

The first and foremost problem that one encounters before starting a business is to find out a business which will give a reasonable profit.

A businessman is really an investor so he will naturally aim at getting a reasonable profit from his investment.

So one has to first search for a sound workable business idea and gives it a practical shape. While doing this, a person may encounter a number of problems and his ultimate success will depend upon his ability and foresight to tackle various problems that he may face from time to time.

To take a scientific approach to the problems that may arise later in the business is an important element, while formulating the ideas for the project.

How to find the sources of ideas?

You can get ideas for your business from many different sources.

* Your own habits,
* interests,
* past successes and failures,
* or the story of your friend, relative, neighbors,
* experience of other persons, who surround you most of the time,
* scarcity or demand for certain products or services,
* finding out alternatives for a current problem, etc.
* You can attend exhibitions, trade fairs, etc., in your locality to get business ideas.

Also, studying number of project profiles, case studies, conducting and studying business and industrial surveys, attending meetings organized by government or private agencies, motivational courses, etc. can also considerably give ideas for your project.

Finalizing your project ideas

After collecting ideas for your business projects from different sources, do a feasibility study as which of the idea may fit for your nature.

I mean your physical, mental, spiritual attitudes.

Because if an idea does not fit into your attitude, and you take it up against your will, it may lead to failure surely.

So, you are the deciding authority. Be careful in selecting and picking up the most suitable business project idea and work on how you can develop it further, what are its pre-requisites in terms of capital, labor, technical, knowledge, location to implement it and so on.

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