How To Find Good Business Ideas_startup Blueprints_chapter 1

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STEP 1 HOW TO FIND GOOD BUSINESS IDEAS If you want to be successful in a particular field or endeavor, I think perseverance is one of the key qualities. It's very important that you find something that you care about, that you have a deep passion for, because you're going to have to devote a lot of your life to it. - George Lucas GOAL COME UP WITH AS MANY INTERESTING BUSINESS IDEAS AS POSSIBLE. SEE THIS STEP AS A BRAINSTORMING SESSION. INTRODUCTION INTRODUCTION It is critical that you come up with various business ideas if you want to be able to compare your ideas in the next step. The more ideas you have, the better you will be able to appreciate the qualities of your selected business idea. That is why we'll put little emphasis on specifically validating the ideas at this point. Forget thinking whether your ideas are good or bad. It does not matter so much yet. What matters is the thinking process you go through in seeking for a business idea that is right for you. Here are some ways to come up with great business ideas: Our approach is to help you find a good idea at the intersection of these three aspects. The more they overlap, the easier it will be for you to succeed. 1 IDENTIF Y YOUR LIFE PURPOSE AND PASSIONS LEVERAGE YOUR TALENTS, SKILLS AND KNOWLEDGE IDENTIFY YOUR LIFE PURPOSE AND PASSIONS Your life as an entrepreneur will be complex enough that if you are not doing what you really love, you will probably quit at some point. Like most entrepreneurs, you'll probably face real challenges as you start your business. Picking a business idea you are passionate about also helps you compete with others, because you will inevitably be competing with other entrepreneurs who are passionate about their products, services and customers. If you cannot share the same level of passion, you are doomed. Finally, if you want to have fun in the adventure and enjoy the life of your dreams, simply do what you love. Doing what you love and earning money in the process is like getting paid for engaging in your hobby. Commit to your vocation and grow. If money is not at the rendezvous, at least be able to say that you are doing what you love. And there will be few regrets. LEVERAGE YOUR TALENTS, SKILLS AND KNOWLEDGE The easier your business is to enter into, the more competition you are likely to face. This is why becoming an expert at something matters so much. How about becoming exceptionally good at what you do? Becoming unique, or developing an exceptional level of talent at anything at all puts you ahead of the pack. Your expertise will give you the most fundamental competitive advantage. If your expertise requires a lot of time, experience, effort and financial investment to build up, then it becomes the ultimate barrier to entry and it will be difficult for others to copy you. Being good at something is not enough. Real success comes only when you are recognized as an expert in your trade or vocation