What do you do after deciding that you want to launch a business? Here’s how to discover the ideal concept for your company.
Many people think that launching a business is a difficult procedure. They are aware that they want to launch a business, but they are unsure of where to begin. In this chapter, you’ll learn how to come up with a company idea, how to determine exactly what it is you want to do, and how to go about doing it.
But before we begin, let’s address one issue: People frequently ponder whether now is a good moment to launch their business idea. There is, in actuality, never a terrible time to start a business. It is clear why starting a business in a prosperous economy is wise. People are looking for ways to spend their money since they have it. But making a debut during a difficult or uncertain economic period can be just as wise.
You can probably assume that there is a need for the business you are launching if you do your research. Your new company has a better chance of being discovered because many people are hesitant to begin in difficult circumstances. Additionally, depending on your point of view, equipment is frequently offered for sale at a discount during a recession.
Numbers Don’t Lie
Various estimates suggest that more than 600,000 firms are launched annually in the US. However, millions more Americans certainly start each year by declaring, “OK, this is the year I am going to start a business,” but end up not doing so for every one who does.
Each person has a personal obstacle that keeps them from taking the essential first step. The majority of people are hesitant to begin because they are terrified of the unknown, failure, or even success. Some people find starting something overwhelming because they think they have to start from scratch, which is untrue. They believe they must create a novel idea, an original service, or something that has never been done before. In other words, they believe they must create something entirely new.
But trying to invent the wheel from scratch is a huge waste of time unless you’re a technological genius—another Bill Gates or Steve Jobs. Most people starting a business should focus on improving what they already have rather than coming up with something completely new that no one has ever heard of. They should also ask themselves, “How can I do this better or differently from the other guy doing it over there?” and “How can I improve on this?” Or just ask the simple question, “Is there market share that isn’t being served that would allow for another company in this category?”
Get the Juices Flowing
How do you get an idea off the ground? First, take a piece of paper and write “Things About Me” across the top. List five to seven personal characteristics about yourself (we’ll discuss your professional life in a moment). These characteristics can be something you enjoy doing or are particularly good at. “I’m really excellent with people, I love kids, I love to read, I love computers, I love numbers, I’m fantastic at coming up with marketing concepts, and I’m a problem solver,” might be on your list. Whatever comes to mind, write it down; it doesn’t have to make sense. List the things and then number them down one side of the paper.
List the activities you don’t think you’re good at or enjoy doing on the opposite side of the page. It’s possible that while having a strong aptitude for marketing ideas, you dislike social situations, children, public speaking, or traveling. Just put your ideas on paper without giving it any thought.
After you’re done, consider the following: “If there were three to five goods or services that could improve my personal life, what would they be?” This is your private life, whether you’re a guy, woman, parent, grandparent, parent, spouse, or any other role. Find out what goods or services might improve your quality of life, make you happier or more productive, or simply offer you more time.
Then, apply the same inquiry to your professional life. Analyze the aspects of your professional life that you enjoy and detest, as well as the qualities that others find appealing and repulsive. Finally, consider your motivation for wanting to launch a firm. When you’re done, search for a pattern to see if there is a demand for a company doing something you enjoy or are skilled at.
Here is a business startup tale that serves as an excellent illustration of identifying a need and addressing it. The headquarters of Entrepreneur magazine are in Irvine, a planned community in California. In the business district many years ago, there weren’t many fast-food establishments. Most were in the neighborhoods on the other side of town. This lunchtime scenario in Irvine was quite frustrating for two young men. There weren’t many reasonably priced options. Although there were a few food courts in strip malls, the parking spaces were extremely short, and the lines were long.
One of them once quipped, “Wouldn’t it be great if we could get some nice food delivered?” as they were lamenting their lunchtime dilemma. The figurative light bulb turned on! Then they took action on their notion, which is something that few individuals do. Coincidentally, they began a food delivery service after buying one of Entrepreneur’s business startup manuals.
More than 15 million customers have been served by their company to date! It’s neither a difficult nor a novel business. Even if their rivalry has intensified, they are still performing fantastically. And it all started when they decided to act on their own frustrations after paying attention to their own.
They had no idea that one of American workers’ top grievances is a shortened lunch break, according to study. Some people only get 30 minutes, which makes it extremely difficult to leave for lunch and return on time. Thus, despite the fact that these young businesspeople first believed they were meeting a specific need in their neighborhood, they actually touched a nerve across the globe.
Listening to your own (or the frustrations of your coworkers, family, or neighbors) is one technique to come up with ideas. There are plenty of opportunities; you simply need to look for them. If your mind is always thinking about new ideas, many of them may just come to you while you’re reading or looking around. For instance, if you were thinking entrepreneurially after reading a piece on the dwindling lunch hour, you would say “Wow, perhaps there is a chance for me to take action. I should get to work on my research.”
Anywhere can be an inspiration. Another well-known startup tale is as follows: Have you ever been penalized for returning a video past due? I bet you didn’t take any action. Reed Hastings received a stunning $40 late fee, but instead of being angry, he became motivated. Hastings questioned, “How come movie rentals don’t work like a health club, where you get charged the same whether you use it a lot or a little?” This idea gave rise to Netflix.com, an online DVD rental service. With revenues of more than $1.3 billion, Netflix has expanded significantly since its founding in 1999.
Simply keeping an eye out for the newest, trendiest businesses will help you come up with a concept. Bringing the Starbucks coffeehouse model to their hometowns and then growing from there, many local business owners gained enormous sums of money. Consider Caribou Coffee, established in Minneapolis. In 1990, the founders experienced what they refer to as a “aha moment,” and two years later they opened the second-largest network of company-owned gourmet coffeehouses in the country. Other coffee business owners have opted to remain regional.
And keep in mind the tried-and-true methods. Popular industries frequently go through cycles. Consider gardening. Although gardening tools and supplies have become very popular in recent years, you wouldn’t classify gardening as a 21st century enterprise.
In other words, you may adapt any idea to the needs of your community and the times. Any idea can be enhanced by your own originality. In reality, if you want your firm to succeed, adapting a concept is a requirement, not an option. You can’t just take a thought, lay it on the table, and declare it to be final. There are very few companies that use a one-size-fits-all strategy outside of a McDonald’s, Subway, or other significant franchise idea.
Talking to individuals you know is one of the best methods to find out whether your idea would be a success in your neighborhood. Discuss your business idea with your coworkers and business associates. Consult your family or neighbors about personal ideas. Don’t worry about someone copying your concept. Simply put, it’s unlikely. You don’t have to go into depth; just talk about the broad idea.
Just Do It!
Hopefully, by this point, the process of selecting the business that is best for you has at least partially become less mysterious. Recognize that starting a business isn’t complicated. No, starting a business isn’t simple, but it’s also not as difficult or frightening as many people believe. It follows a simple, step-by-step process. So go about it gradually. Determine what you wish to undertake as a first step. Once you have an idea, discuss it with others to get their opinions. How much would you be willing to pay to buy, use, or otherwise obtain this?
Recognize that many individuals in your life won’t support your entrepreneurial endeavors; in fact, some may actively discourage you. Some will claim to have your best interests in mind and only want you to see things as they really are. Some people will admire your bravery, while others may be angry with you for having the guts to take action. You cannot let these doubters discourage you or put a stop to your quest before it even starts.
In actuality, what quality do you need most to succeed as an entrepreneur after you have a business idea? Perseverance. You will be told “no” more times than you have ever been told when you start your business. You must move past the rejection and move on to the next person in order to finally receive a “yes.” You cannot take the rejection personally.
The risk is one of the most typical cautions you’ll hear. You’ll hear from everyone that starting your own business is risky. A business venture is dangerous, but what in life isn’t? Additionally, there are measured risks and dumb risks. You may reduce your risk by carefully considering what you’re doing, asking questions often, and getting help when you need it.
The fear of risk cannot prevent you from moving forward. What am I truly risking, ask yourself? also determine the danger. What are you sacrificing? What do you stand to lose if it doesn’t? Avoid taking risks you can’t afford. Don’t jeopardize your health, family, or home. If this doesn’t work, ask yourself if your situation will worsen. The risk is probably worthwhile if the only things you stand to lose are some of your time, effort, and money.
The first step is merely to decide what you want to do. There is still a ton of research and homework for you to complete. A wise first move is to purchase this book. Most crucial: Take action. Don’t keep saying, “This is the year I’m going to start my business,” year after year. This year, commit to doing it.