No one ever said it was easy being an entrepreneur. Whether you're in the early stages of your statrup, just secured funding for your startup or you are ready for product launch, there will always be those three components when you ask yourself if this whole entrepreneur thing is worth it. Instead of giving up and throwing-in the proverbial white towel, this forum will help in giving you all the motivation you need to achieve your result.
Are you aware that new businesses are been created every single day with the objective of succeeding in this competitive world but only a hand full of those businesses scale through or survive their first year. This shows you that while it’s fairly easy to come up with a business idea, finding a sustainable, lucrative idea is not as simple. In this article, we’ll go through the steps of how to come up with a business idea that will actually work. We included top tips from entrepreneurs who have been in your shoes and know a thing or two about coming up with a business idea that takes off.
Step 1: Train Your Mind to Identify Areas of Opportunity There is no real formula to coming up with the next great business idea. The key is knowing how and when to look for good ideas. Your eureka moment can strike at any moment, so you need to be able to recognize it when it comes. Not every idea that you come up with is going to be a good one. The point is to train your brain to notice a potential opportunity when you see one. The first step is simply learning how to identify a gap in the market.
Step 2: Start Making Lists of Problems that Need Solving Once you are tuned into looking for areas that can be improved upon, you will want to start writing down the problems that need solving. The process of making lists will keep you focused on finding areas of opportunity.
Step 3: Come Up with Possible Solutions You should now have plenty of problems listed, so the next step is to start going through and coming up with solutions to those problems. If you have one or more people whose opinions you respect, then it may be good to bring them into the room with you for this step. Collaboration often helps the brainstorming process. Don’t let the problems you can’t think of a solution to slow you down, when you hit a wall with a particular problem just move on to the next. Also, like with any brainstorming session, there are no bad ideas just throw everything you think of out and filter out the good ones later.
Step 4: Filter by What You’re Passionate About Starting a successful business takes a lot of drive and persistence, and is likely to take at least a few years. This is why people who choose to start businesses that they are not passionate about, generally give up after hitting the stumbling blocks and challenges that come with getting any new business off the ground. No entrepreneur is able to be good at everything, know the areas you are good in and find people to help you with your weak areas. If you have an idea and are passionate about something – you can look to others to handle the parts that you’re not good at. For example, if you are passionate about cooking, you may be tempted to open up a restaurant.
However, there are a lot of things that go into creating a successful restaurant besides just the food. If you love to cook but you’re not passionate about the business side of things, partner up with someone who you trust and can help your food get the business it deserves.
Step 5: Narrow Your Ideas Down to One You now have a shortlist of solutions to common problems that you are passionate about. Now it’s time to find out which business ideas will actually work in the real world. The key to narrowing down your list to just one idea is by testing out the market in a risk-free way. You want to find out if people would buy the product or service before you spend the money to actually start your business. Coming up with a business idea can be a fun – but not always an easy process. It’s important to get all of your ideas on the table first and then filter down based on what makes you happy and what will actually work as a business.
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Twenty percent of small businesses fail within their first year. Entrepreneurship is no walk in the park. In fact, the amount of new businesses that fail exceed the number that succeed. That’s why it’s more important than ever to create a unique product or service that helps you stand out from the rest.
However, don’t be discouraged. If you believe in your business, passion will prevail. On average, 75 percent of small-business owners are confident in their company. And why shouldn’t they be? They’ve turned their passion into profit. Yet, keep in mind it’s important not to be overly confident. Instead, take things one step at a time. Typically, 20 percent of small businesses fail in their first year, 50 percent in their fifth year and 70 percent after a decade of being in business.
A number of factors play into a business’s closing, such as location, the current market, cash flow and more. The number of reason most small businesses fail is due to cash flow, and California cities such …
Mark Elliot Zuckerberg is an American computer
programmer and Internet entrepreneur. He is a co-founder of Facebook, and is currently its chairman and chief
executive officer. Zuckerberg
launched Facebook from his Harvard
University dormitory room on February 4, 2004 with college
roommates and fellow Harvard students Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes. The group then introduced Facebook to other college
campuses. Facebook expanded rapidly, reaching one billion users by 2012. During
this time, Zuckerberg became involved in various legal disputes brought by his
friends and cofounders, who claimed they were due a share of the company based
upon their involvement during its development phase. Early
Life Mark Elliot Zuckerberg was born on May 14, 1984, and
grew up in the suburbs of New York, Dobbs Ferry. He was the second of four
children and the only son in the educated family. Mark’s father, Edward
Zuckerberg, is a dentist and mother, Karen Zuckerberg, is …
Étienne Arnault was born on the 5th of March 1949. He is a
French business magnate, an investor, and an art collector. Arnault is
the chairman and Chief Executive Officer (CEO) of LVMH, the world's largest
luxury-goods company. He is the richest person in France and the fourth richest
person in the world according to Forbes magazine,
with a net worth of $75.5 billion, as of March 2018. EARLY LIFE After graduation, Arnault joined his father's company,
in 1971. In 1976, he convinced his father to liquidate the construction
division of the company for 40 million French francs and to change the focus of the company to real estate.
Using the name Férinel, the new company developed a specialty in holiday
accommodation. Named the Director of Company Development in 1974, he
became the CEO in 1977. In 1979, he succeeded his father as president of the
company. CAREER In 1984, with the help of Antoine Bernheim, a senior
partner of Lazard Frères, Arnault acquired the Financière A…
Gates is an American business magnate, who co-founded Microsoft, the world’s
largest personal computer software company. He consistently rank in the top
list of the world wealthiest people, he is one of the world best known
entrepreneur of the personal computer revolution. He is also the world most
generous philanthropist, who has donated over $28 billion to charity. Here are
his top 10 rules for success. 1.Have
you are going to start a company you need so much energy that you use to
overcome your feeling of risk. At the beginning it’s going to look so scary
especially given that you don’t have any experience as in the case for most
startups, you are going to make a lot of mistakes but if you have so much
energy rushing through you, you will be able to overcome your mistakes and that
of your team, you will also be able to guide your team into achieving the
desired result because energy is contagious. 2. Have
a Bad Experience: Bill
Gates is a college dropout who d…
We were just about to start our meeting on what next to post when one of our colleague came in with Forefront magazine and showed us this very inspiring story about overcoming problems in life. Here is the content of the story.
As hard as it may be, more problems might actually mean a
closer window of opportunity. There is a saying that every single thing happens
for a reason and whatever does not kill us makes us stronger. A story by Alijo Sylvester.
The story goes like this: A young woman went to meet her mom to tell her about her life
and how things are so hard for her. She was about giving up and had no idea how
she was going to make it. She was fed up of fighting and struggling. She complained
of how after a problem, straight comes another one. Her mom called her to the kitchen. She filled three pots with
water and put them on fire. The first pot, she placed carrot, the second she
placed egg and the third she placed ground coffee bean. She let them boil without saying a word. In abou…