How do we choose a successful project?

Many people do not know the meaning of a project and think that it is very difficult to achieve and requires hundreds of millions of dollars to operate a machine, but in fact this is not true!

A project is any agricultural or industrial activity or service in which certain resources are used and for which funds are spent to achieve a benefit or revenue for these spent funds whether the project is small, medium, or big.

Dear Muslim brother, if you choose a suitable project, first you have to know the sources of investment ideas and study them to draw the suitable chance to achieve a good revenue.

The sources of ideas are many, of which are:

1- The required need of the market and the growing needs of population.

2- The qualified leaders who have the ability to produce in the light of the lack of financial resources.

3- Analyzing the import lists in order to know the chances of investment that represent an incentive for establishing local industry and trade.

4- Working on achieving the economic integration between industries and other sectors.

5- Economic experts who are specialized in establishing investment projects.

6- The effort of the government in achieving the economic development is obstructed by many problems which generate ideas for economic projects of high revenue.

The first step for your successful project is identifying the project through ideas and choosing the suitable idea through a basic and quick sorting for the suggested projects. When you focus on a project and see that it is successful, beware of rushing in consulting ordinary people because such people will give you different opinions between heedless encourager and frustrating warner. You should know that it is not enough to say that the project is successful because it needs a feasibility study or pre-investment study, and this study requires the following:

1- Studying the volume of demand, the market, or the service which you intend to offer and identifying the people who will benefit of it.

2- The used technology and the availability of the main production elements for the project such as workers, raw materials, equipments...etc.

3- Defining the period of the project and those who will execute it.

4- Testimonial study for the volume of investment and the operating expenses which is a simple process.

Consequently, you have to act according to the feasibility study to accept or reject the project, for example, you may refuse it because of the lack of the required technology, the trained manpower, or incompatibility with habits, traditions, and religion.

In case the feasibility study is basically accepted, we should conduct a more costing feasibility study and this phase is called the accuracy stage and making sure of the environmental, technical, financial, and economic projects (another study will be written on this point).

In regard to its importance, they cannot be conducted except by experts in economic feasibility studies, therefore as you leave the building of a house to an engineer, you have to hand over your suggested project to an economist to study and establish it in case it is profitable from his point of view.

After studying the project by an economic expert and he figures out the existence of an adequate revenue, you may start to implement the project. Experiences have shown that if the execution was bad, it leads to the failure of the project even if it is good before execution as a result of increased financial costs, corruption, the late delivery of the product, the poor implementation, and increase of waste.

Dear investor, do not forget to conduct studies to estimate the efficiency of economic performance in your new business after a period of time and the compatibility and congruence between what is stated in the feasibility studies and what is achieved actually on the ground in order to ensure the achievement of the revenue they expect from the project.

Thus, we have followed the scientific basis in choosing the investment projects to ensure adequate revenues that benefit the project owner and all the people who are working in the project.

A successful project starts with an idea then he needs a care from the economic experts who are working to analyze this idea carefully and precisly like a compassionate mother who endeavors to ensure the continuation of her son's life and success in life.