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Coming Up With A Killer Business Idea

Coming Up With A Killer Business Idea

Max Klausner | SmallBizLink

Do What You Love

Starting a business is a blood, sweat and tears endeavor that will consume the majority of your time. If you do not pursue what you love you will not be happy and your business will most likely fail.

The key questions to ask when coming up with an idea are:

  • What am I passionate about?
    - Love dogs? Start a business that involves dogs.

  • What am I good at?
    - Love dogs and you are a talented artist? Start a dog portraiture business.

  • What industry am I knowledgeable about?
    - Work in hospitality and love dogs? Start a boutique dog kennel.

    Innovation

    Once you identify what market or service industry you would like to go into you must figure out what you bring to the table. The answer to this question will determine the success of your business.

    Solve a Problem: Ben Franklin vs. Larry David

    You don’t have to be a great inventor to come up with a product idea. Think about things that annoy & frustrate you. What do you whine about on a day-to-day basis? What do you wish you could have?

    Once you identify this problem, offer a solution. It is important to note that you do not need to invent anything new or have an original idea.

    Innovate an Old Market:

    Is your industry of interest behind the times? Can you apply a new technology or process that has existed for years within another industry that will ease the pain of customers? The Internet is a paradigm for how new technology can turn established models on their head — think media and retailing.

    Personal Goals

    Last but not least, you must make sure your ideas are consistent with your personal goals. Why are you starting a business? Do you seek greater flexibility over your hours? Do you want to get rich? Does your idea allow you to accomplish these goals?

    Coming up with a great idea is easier than you may think; you just need to know where to look. The tricky part is finding an idea that you want to pour your heart and soul into that will be successful and align with your goals of starting a business in the first place.



    Coming Up with a Killer Business Idea is Part 1 of 10 of the SmallBizLink Entrepreneurship Series: How to Start a Successful Business.


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