Profit accrues a business when customers’ willingness to pay for goods or services on offer is more than its costs.
The above statement prima facie may appear simplistic, but achieving the above-stated general objective is easier said than done.
It all begins with an entrepreneur’s understanding of the key demand drivers in a jurisdiction – in this case, it is Greenland. Begin by asking yourself the following questions?
What can be made in Greenland at a competitive price point?
What and where is the demand for goods and services? Is the need available inside the jurisdiction or outside?
What are the regulatory drivers and bottlenecks in this jurisdiction?
Can the selected goods and services be produced locally?
Will I need to depend on an external workforce to implement the idea?
What is the availability and reliability of this external or internal workforce?
What is the state of competition for the identified goods or services?
How easy is it for a potential competitor to copy and replicate your business idea?
Are the competitors located within Greenland or located overseas?
What are the unique selling points of your business idea?
Will the idea resolve a customer pain point?
What is the future sustainability of the business idea?
Answers to these questions will give you a starting point. Once you have the answers, field test the idea. You will gain some insights into the practical challenges during the field testing stage.
All this done, you are ready for a business rollout.
You can consult by writing here.