How to find an awesome business idea?
Did you land on this page in search of an awesome business idea? Well, I must say you are not alone in this search. All of us want to make money. If you can find easiest possible way of making money, why wouldn’t you want to know about that? That is why I have started this website.
What will work for you?
I know you are eager to know the answer to your question. You want to know an awesome business idea but my friend, there is no universal formula for success. What works for Joe might not work for you and the vice versa is also true. Therefore naturally, you will ask, how should one come down to knowing what will work best for him or her? Is there any rational approach for searching an awesome business idea that will work best for you? The answer is Yes and No both. Because one can not guarantee 100% success rate always but one can get closer to finding a best possible choice by doing a little bit of introspection.
You will be wondering how can introspection help you to know best business choice for you? What will this introspection involve? Don’t worry, I am here to explain you the same. All you have to do is list down your resources. What do your resources involve? Your resources involve your financial source, your skill set and your formal educational background. Now ask yourself, how will you rate yourself on a scale of 1 to 10 for each one of your resource? Take a piece of paper and divide it in four equal parts as shown in below image.
Now, put the resources which you rated above 5 on a scale of 1 to 10 in the Strengths block. Similarly, put the resources which scored less than 5 in Weaknesses block. Then think about all possible business options you will like to explore using your resources. Carefully enlist them in Opportunities block.While enlisting business options please ensure that your resources will enable you to explore these options. For example, one should not list down a private aircraft transport business until one has sufficient financial and skill resources for the same. This means the approach should be practical. Now carefully think about any external factors which could put restrictions on your business choice. For example, if a business requires extensive travel which is restricted because of your personal commitments, you should list it down in Threats block.
SWOT analysis combined with your passion
I understand that your curiosity is increasing now. Please be assured that after completing above steps you are very close to finding answer to your question. Now only two steps are left and the second last is evaluating your passion for each business option enlisted in Opportunities block. In order to make it easier, you can just rate each business option on scale of 1 to 10 depending on how passionate you feel about choosing it. We have now almost arrived at our final destination. All we need to do is assess the threats against your passion which scored highest on scale of 1 to 10. If the threat is becoming serious limiting step, move to business option which ranked second in passion score. Repeat the process until threat is not a serious limiting step for you. You will need to rely on your instincts in completing this step but I am sure you will come down to most practical, feasible and sustainable choice by performing this introspective analysis. The business option which will over-ride your threats with the help of passion will be the best choice for you here.
Many of you would be already familiar with the SWOT Analysis.The purpose was to encourage use of rational strategy for selection of right business. Please, comment about your views on this post and feel free to share experiences. I will be happy to make any improvements if they will help our readers.