Develop Your Ideas
You may have considered the prospect of starting your own business many times before. The thought of being your own boss – calling the shots, being responsible for your own financial rewards – is very alluring. You may have had the drive, the experience, and the financial resources necessary to succeed. The only thing stopping you was figuring out what type of business you should start.If this sounds familiar, you are in good company. Most entrepreneurs take a considerable amount of time investigating, analyzing, and agonizing about the right type of business for them. They may have a multitude of ideas, but are unsure which one of them would be the most satisfying and successful.The opposite is equally common: they do not have a business idea, but know they want to be an entrepreneur.How do people come up with ideas to start businesses and how do you know if an idea would make a good business?
Business OpportunitiesOften, business ideas are generated from a problem in the market place:A group of people have needs that are not being properly satisfied.This leads to an idea for the solution to the problem.If the idea can be proven to be viable, a business opportunity has been created.
As an entrepreneur, you must learn to look at situations from a whole new perspective. You must look beyond what is there and imagine what could be there. The possibilities are endless. The opportunities surround you.
The challenge, for you, is to teach yourself how to recognize problems and visualize solutions.
learn how to tap into your creative side.
As we grow up, we often trade in our creativity for practicality and predictability. As employees, we learned to adapt our thinking to the expectations of our employers, often maintaining the status quo.
Take off your blinders
As an entrepreneur, you must learn how to shed barriers to your creative thinkinl and look at situations with a new perspective.
Once you have uncovered a business opportunity, there are two key factors to consider:
1. Could this be a viable business?
Only further investigation, such as conducting a feasibility study or writing a business plan, will answer this question.
2. Has anyone else done this before?
Your research will uncover whether or not this opportunity has been discovered b.efore. If it has, investigate who is successful at it to find out wha they are doing right and if there is any room for you to do it better. You need something to differentiate your business from the competition. This is : critical part of deciding whether or not this idea will make a viable business.