To Top

Grow Closer to Becoming an Entrepreneur in Six Easy Steps

It would be ignorant of us to pretend that most businesses, small and large, began based practically exclusively on their capacity for high profits. But the real question is this – should businesses start with the main reason being profits? We don’t think so.

To build a meaningful and successful business, you need to have the right business idea. There is no one-size-fits-all business idea for all budding entrepreneurs. When you decide on starting a business, you have to find the right business idea for you.  This is no complicated task, and we are here to guide you in finding that magical idea!

Your Motivation

This step is all about you and your reasons for wanting to start a business in the first place. This is a valid and crucial step in finding the right business idea for your business. Think of this as your ‘big WHY.’ It is not unusual for start-ups to take many months, and sometimes years, to take off. This means that during this time, you will be fueled by your ‘big WHY.’ Knowing why you are starting your business will help keep you motivated to keep going even when you feel like giving up.

Your Skills

In this step, it is time to take a look at all the things that you are good at. This includes your talents, skills, and all the knowledge that you have acquired over time. Look into your previous work experience or your study courses or even your areas of interest, which you have read up on a lot to make a comprehensive list of the things you are good at. Don’t only list what you are an expert at – think of everything that others may pay you to do or arrange etc. Capture what comes across your mind.

Your Role Models

Here you make a list of all the businesses that you admire. This may take some research, as it will be helpful to go online and look at other businesses until you find ideas that appeal to you. Write everything down. At this point, ignore the big things like the capital to start or expensive marketing.

Anything to do with budget or capacity should take a backseat at this point. This isn’t the step at which you choose a business idea. Here you are just exploring business ideas and brainstorming. Try to generate about ten to fifteen ideas.

Your Likes

List all your likes. This covers everything from hobbies to what you enjoy spending your free time on. Think of what makes you happy, and what activities bring you fulfillment. Take a glance at your bookshelf and see what kind of subjects you are interested in. Besides this, take a look at your search history and get an idea about what you enjoy reading about or looking into. Look at the blogs you are following for inspiration. Also, consider the things you have always wanted to do but didn’t get to do.

Choose a Business Model

This is the step at which you decide on whether you want to sell a service or a product. Do you want your business to be online or offline? Is it going to be a big business or a small one? Also, choose whether you will have an office or whether the business will be home-based.

Whittle It Down

Now comes the fun part. The final step is to eliminate all the business ideas that aren’t practical or that don’t line up with the business model you have selected. Cross off whatever you need to cross off from your list. And make sure you take ample time before crossing off each of the times.

Rank the remaining two or three ideas after striking off items from your list. Now, choose the most exciting idea from the list. Check that there is a market for the business. However, if there is no market, eliminate it in the first step itself! If there is, this is your business idea. Well done!

The perfect business idea is the one that builds upon all the many things that you find enjoyment in doing. It is the idea that still gives you legroom for reaching and even exceeding your financial goals. So many people reject their entrepreneurial dreams simply because they couldn’t land on the right business idea. Don’t let this be you. However, if you follow our simple guide, you will find your specific business idea. It will be the one that will bring you everything you are looking for!

More in Business & Investments

You must be logged in to post a comment Login