Starting one’s own business is a daunting undertaking.
While some people are buzzing with business ideas, others have all the qualities of an excellent entrepreneur but have not yet found the right idea to execute.
So how does one go about finding the right idea? And what is the right idea for any specific person to execute?
This article will explore just that – how to find the right idea that you are best suited to execute.
The right business idea for anyone is that in which they have a personal interest in and that they, with all their unique experiences are best suited to execute. The best way to explore this, just like the best way to solve any problem, is by asking the right questions.
- What is it that you do that brings you the most satisfaction?
Like with any career counselor, coach or mentor, the advice here is to find something you enjoy doing. An innate interest in what you are doing implies that you will have drive, ambition and motivation in the work that you will be doing. This is crucial when the entrepreneurial journey gets hard and when you have those rough days at work, at least you will know it would have been your choice to embark on this journey.
The key here is to find a way to monetize what you love doing.
- What in your daily work/ life frustrates you and others around you the most?
If you are met with a problem everyday that you would like solved, chances are that other people would like it solved too! If the problem is big enough, people may even be willing to pay for it.
Sometimes, the consumers of your solution need not be your customers. At times, they can end up becoming part of your offer itself. For example, nobody pays to have a Facebook account, nobody is paying to watch a YouTube video and we certainly don’t pay to scroll through Instagram.
Technology today has disrupted the way in which we do business. Your end consumer need not be your customer.
- Think about the biggest challenges the world is going to be facing in the next 15 years.
If this statement makes you think of Elon Musk, then Bingo! The truth is, short lived problems have short lived solutions. Brainstorming humanity’s next big challenges and their solutions does not only the opportunity to find a lucrative business idea but also offers one the opportunity to be of service to the global community.
Granted, not everyone can decide to fly rockets to the moon or launch hyper loops capsules to solve the world’s commuting problem. But humanity does not only suffer big problems.
- Perform SWOT Analyses for companies.
A SWOT analysis stands for Strengths, Weaknesses, Opportunities and Threats.
Have a look at the diagram below:
The key result of an exercise like this is that it offers you an insight on what the opportunities a company must develop based on its strengths, and also what threats that they need to minimize. This in turn provides you with an opportunity to provide those solutions to those companies.
There are many ways in which one can come up with a business idea, there also exists a non-exhaustible number of good business ideas to exploit. However, a business idea without execution remains a wish, a dream or any intangible phenomenon you want to call it. To understand if a business idea brings value to its consumers, one must be sure to test it: And this need not be an resource intensive activity.
Find out more about how to test your business idea in the following article: