"Lack of money is no obstacle. Lack of an idea is an obstacle."
-- Ken Hakuta
Getting that great business idea is the first step to being an entrepreneur; and it can take some time if you don't know where to look. It’s a good thing that starting a business now is easier than in times past. You can take advantage of many free resources to help you find that brilliant business idea. Here are some great ways to kick start your dreams and turn them into reality.
Look Into Your Skill Set
The first place to look is your own skills, profession and interests. Here’s a checklist:
1. What special training do I have?
2. What’s my personal history and background?
3. What’s my educational background?
4. What are my meaningful work experiences?
5. What am I good at, what do I enjoy doing in my free time?
6. What volunteer work have I done?
If you’re thinking about turning your hobby into a profitable business, do this with a healthy dose of reality. Doing what you love and turning it into a full fledged enterprise can come as shock to most people because it takes a certain amount of honesty to follow through. Ask friends and family what they really think of your skills and once you get past your inner circle, you can seriously think about making money off your own talents.
Explore Opportunities in Current Events
Being an entrepreneur means having an eye for opportunity. If you’re interested in finding out what sells, take in the local shopping scenery. Observe which groups of people buy what kind of products and services.
Come up with Something Completely New
The first rule of business is to find a need and answer it. Finding your target market is the whole point of a business idea. Profile your market with as much detail as possible and ultimately solve a problem in that area – and keep them coming back for more.
Improve on Something that Already Exists
One of the greatest myths of starting a business is that you have to have an original idea to become successful. The fact is - a lot of great products today were built on existing ones. You can look at what you already patronize and see what you would like to improve on if you were making that kind of commodity. Find your own angle and think of how you can have an edge over the competition.
Examples: faster delivery, friendly customer support, better prices, newer materials.
Explore Different Markets
Another myth that discourages new startups is saturation. Once you’ve already entered a “saturated” market, you’re the underdog. The trick is to find another demographic or location that your business can appeal to. You can offer the exact same service and product elsewhere where the market is still growing.
Finding a good business idea is critical to any successful venture. Catch little nuggets of inspiration in your environment or observe opportunities in current trends and other localities to start your own business. Good luck and happy hunting!
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