Step 1: It Starts Today! Finding the Right Business Idea
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Step 1: It Starts Today! Finding the Right Business Idea

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Contrary to popular belief, starting a business is not as easy as buying a pair of shoes and should be carefully planned and considered.  The most important piece to that plan is determining what kind of business to start.

Here are four ways that you can generate business ideas:

1.     Identify your biggest source of satisfaction.

First and foremost, find something that you love doing.  The very things (or some variation of them) that give you fulfillment and satisfaction in life can be done for a living.  

 2.     Be a detective.

Some of the greatest business ideas are born out of solving problems, so what frustrates you? Become an observer and take the time and pay attention to the imperfections.  Master the art of uncovering inefficiencies and ineffectiveness – can you provide a solution?  If so, you have just found an opportunity for new business ideas.

Unable to provide a solution to an immediate need?  That’s ok!  Take a moment and look to the future – can you identify a problem that is yet to surface?  Some of the most successful business owners are ones who didn’t just address a short-lived problem with a short-lived solution.  They are ones who chose to tackle problems that were most likely to affect the future of the world. 

Take Elon Musk, a forward-thinking innovator, for example.  Musk brainstormed the solutions to future problems; he founded PayPal, built rocket ships, created an electric car, designed a submarine car, and invented a tube-traveling capsule. 

No, you don’t need to design rockets or tube-traveling capsules, but the world will experience other problems down the road.  Start identifying those problems now and work to provide a solution – people will pay.  Maybe not today or tomorrow, but eventually they will.

 3.     Just do it!

Doing something, anything, is the best and fastest way to the perfect idea.  It’s not realistic to think that the best idea will come to you on your first attempt.  You may have some trial and error before you stumble across ‘the idea’, but don’t let the fear of failure hold you back.  Your failures may be exactly what you need – learn from them and let them guide you down your path. 

So, do something, do anything - start now!

 4.     Get inspired.

Nadia Goodman stated it excellently in her Entrepreneur article:
New ideas require creativity, which thrives on novelty and diversity. You might find a great idea while you’re on vacation or unexpected inspiration in an experimental art exhibit.

Further quoting Andy Boynton, co-author of The Idea Hunter (Jossey-Boss, 2011) by further stating:

“If you open your eyes, the answer is there, but your world has to be broad enough and diverse enough to feed you the ideas you need.” 

Your search needs to be intentional.  Find a new experience or a new destination that will inspire you. 

At the end of the day, your business is a direct reflection of you.  Allow yourself to be inspired, work with purpose and be a problem solver, and most importantly, find something that you are passionate about!

Tune in next month to learn about Planning Your Business!  

Have questions or interested in getting on the fast track?  Contact us today: nicholas.ouellette@cedausa.com