The very first thing you need to create a successful business is a cool, promising, inspiring idea!
A cool idea can come to you completely unexpectedly: jump out of a movie or a book, out of a conversation with friends, out of memory. The main thing is to tune in to find it! You’ll start to see opportunities where you wouldn’t have even looked before. Here are a few tips we give to all aspiring businessmen in search of a promising idea.
Tip 1: The idea should reflect your personality
Your idea should grab you – so that you can’t wait to tell everyone around you about it. Businesses that are just for the money are rarely successful because you need to see your personality, your strengths, and your passions behind the venture or you may not believe in success yourself!
Your strengths can be either previous professional experience or a genuine interest in the field you want to be involved in. Either way, the idea should be your driver, your source of inspiration!
Tip 2: Look for an idea everywhere
If you do not know what you want to do yet, try to start writing down all your ideas, even the dumbest ones. Don’t neglect a single thought, a single association, try to remember everything you’ve ever been interested in!
Tip 3. Don’t chase uniqueness
Keep in mind that 99% of what you come up with has probably already been thought up by someone before you. That’s okay! It’s not so much the novelty of the idea that matters, but the original implementation of the idea. A successful business is not necessarily a sensational, first-of-its-kind startup.
More often than not, a successful company just stands out from the rest with some special features that other companies in the same field do not have.
Tip 4. Clearly define what you want to achieve
If you already have an idea, ask yourself: Why am I doing this? Do people need my business? Who is my target audience? Will my product be in demand? What I know about showing proof of income as self-employed?
Tip 5. Do a little market research
Talking to friends and family can be helpful, not only because you can get valuable advice, but also because it’s a great opportunity to rehearse your own business story. Be prepared that this is not the last time you will have to explain in detail what you do: it may be necessary when negotiating with potential investors or contractors.
Try to explain your business idea briefly and clearly. If you enjoy explaining, and your interviewers don’t fall asleep or look at their watches every five minutes, you may very well have found your niche!
Remember also that not every good idea is ready for immediate implementation. Allow such ideas to mature and don’t get hung up on them!
- The idea has to be a drive.
- Notes and mind maps can help you.
- Come up with your own thing.
- Formulate what you want to accomplish.
If you already have the right ideas, it is worth figuring out what to do next: where to find resources, how to set up the business, and hire the first employees.
Moreover, it is important to note that you need to realize the right time to scale your business. Make sure you choose a business idea that will enable you to enlarge your business when the time is right. The thing is that there are a number of mistakes business owners make when scaling a business, such as scaling too soon, mismanaging money, scaling without a clear goal in mind, etc. To put it short, whatever you do and what business idea you generate look at the whole picture, meaning that do your planning considering the long-term effects.