Crafting Profitable Business Ideas: A Comprehensive Guide to Market Demand, Feasibility, and Innovation

Aleke Jude Uchechukwu

Faculty of Economics and Management Kampala International University Uganda

Email: jude.aleke@kiu.ac.ug, https://orcid.org/0009-0009-6807-9484

ABSTRACT

Generating lucrative company concepts in the current competitive environment required a smart combination of market need, practicality, and originality. This review article examined the essential aspects that play a crucial role in achieving effective company growth, with a particular focus on their interconnection. Market demand was crucial and required a precise comprehension and adjustment to changing consumer wants, especially in the period after the pandemic. An exhaustive feasibility analysis, which includes evaluating financial, operational, and competitive factors, was crucial for determining the viability of a firm. To sustain a competitive edge, it was essential to embrace innovation, which encompasses both disruptive and incremental techniques. The evaluation emphasised the need for firms to incorporate these features flexibly, using iterative processes and agile approaches to remain current and applicable. Furthermore, it highlighted the significance of integrating sustainability and nurturing an innovation ecosystem. Although there have been improvements, there were still difficulties in predicting market demand when there was uncertainty and incorporating sustainability into business strategies. It was crucial to address these deficiencies to progress in the area and ensure sustained commercial success.

Keywords: Market demand Feasibility Analysis, Innovation Disruptive, Innovation Incremental, Innovation Agile Methodologies, Sustainability Post.

CITE AS: Aleke Jude Uchechukwu.  (2024). Crafting Profitable Business Ideas: A Comprehensive Guide to Market Demand, Feasibility, and Innovation. RESEARCH INVENTION JOURNAL OF RESEARCH IN EDUCATION 4(3):24-28. https://doi.org/10.59298/RIJRE/2024/432428