Starting a business is an invigorating and exciting moment in an entrepreneur’s life, and if you follow the correct process and structure, your breakthrough could be on the horizon. Now, some people form that first idea in a flash, others stumble upon it almost accidentally, but the majority of people labour over versions of it for a considerable length of time.
Over the years, I’ve spoken with, and even funded entrepreneur’s that created that first life-changing idea in almost every way, but each of them had the same thing in common. They understood themselves. This may sound a little obvious at first but, really think about yourself as an entrepreneur. What are your strengths? Where do you lack? What skills do you possess that can make you a success? This is the first thing to consider before you even think about your first start up business ideas.
Even if you have a killer idea or concept, you must start by evaluating yourself to decide whether you have the skillset to make it work. If you’re a naturally gifted programmer, then a niche website development start-up is perfect for you.
If you think you’ve already got that revolutionary, industry-changing idea and you’re looking for funding, head over to fundingguru.com for advice, guidance and potentially financial support.
Ask yourself what is motivating you to become a business owner and why it’s the right route for you. It may be to become a millionaire or to achieve a lifelong dream. Capturing that motivation and using it as fuel to reach your goals will see you through those times of uncertainty during your start-up’s infancy. Another crucial aspect of forming your first breakthrough idea is choosing something that you feel passionate about. Motivation, passion and an understanding of where you are best suited to succeed will ensure your journey starts on the right footing.
A common question I get asked from most entrepreneurs is, how do I come up with good business ideas?
Some ideas happen in a real ‘lightbulb’ moment in a dream or during a meeting with your boss. But this doesn’t always have to be the way. A good business idea achieves any of the following:
Tesla realised that more and more people cared about the environment and their impact on it. So, they revolutionised electric cars to speak to that issue and to the mass amounts of consumers that voiced their concerns over the environment.
Apple was relatively late to the mobile phone world, yet the iPhone reimagined how businesses and consumers alike, used a mobile device.
Poundland spotted a large market of customers that wanted food and toiletry items at the lowest possible price, regardless of product quality.
These are just a few companies that spotted a niche or a need in the market, formulated a plan on how to solve or better it and the rest, as they say, is history.
As the world, the economy and business continue to change, new niches, problems and opportunities arise daily. Apple may have the most innovative mobile phones, but they always look to solve problems with their products, such as battery life and the cost of components. I always offer the advice to research markets of interest and spot areas in which you can innovate or improve. That is the key to forming your first start up business idea.
Of course, so many more things make up the entire business inception process, something which I’ll be delving further into in the coming weeks and months. After all, successful businesses don’t happen overnight.
Take a look at my other advice posts for more help in capturing and creating your goal and achieving it. You can also head to my YouTube channel for interviews and advice videos that will help you on your way to success!