Post by Sarah Robson, BizInc Communications Assistant
You want to dive into the world of entrepreneurship, but how on earth are you going to come up with the next big idea? If you are an individual who would rather own a business instead of working for a corporate giant in a 9-to-5 job here are some tips to finding the next big idea:
Engage in some self-discovery to determine a field that you are REALLY passionate about. Once you have identified this field analyze your current talents and skills, and determine ways that they can be developed to help you identify viable business ideas.
Monitor Trends on the Horizon and Identify the Gaps:
Think of new innovations that are ahead of the times, and industries where major players have left gaps that can be filled. For example, with people spending more time than ever on social media websites, such as Facebook, there is an increasing demand for online games that are embedded in these websites.
Ensure the Business Solves a Real Problem:
Look for needs that have not been met in the market, and focus on problems you are having yourself. Great business ideas don’t make slight improvements, but instead they solve real problems. They require a deep understanding through market research, which takes much more than simple brainstorming sessions. Talk to experts, professionals, read books, and become as knowledgeable as you can about the industry before you pursue your idea. This will help you decipher a good startup idea from a bad one because it ensures the problem your business will tackle actually exists.
Validate Your Startup Idea:
Asking family and friends for advice seems like a good decision because they know you best, but unfortunately their advice is not the most constructive for your new business idea. Instead, validate your startup idea with individuals that will be using your product or service, and get feedback from your potential target market. This can be done through interviews, online surveys or mock-up PowerPoint presentations.
Engage in Startup Weekends:
Startup Weekend is a 54-hour event that provides the opportunity for startup enthusiasts and aspiring entrepreneurs to come together under one roof to share ideas and cultivate new ones for startup ventures. Startup Weekend provides hand-on experiences allowing individuals to test the waters, and learn the basics behind running a business. Take a look at the Startup Weekend event that took place in London on February 8, 2013: http://ldn.startupweekend.org/.
When is a good time to pursue your business idea?
The real question is not when is a good time, but it is whether you have the energy and passion to pursue your dream business. Becoming a successful entrepreneur doesn’t mean you need a game changing idea that no one has heard of, but it does mean that you must plan, execute and think strategically.
In the words of the great Walt Disney, “the way to get started is to quit talking and begin doing.” It is not where the business idea comes from that matters, but it is what you make of that idea that can make or break an aspiring entrepreneur.