How to Develop a Business Idea (Part II)

It might seem that endless job applications and interview callbacks are the gatekeepers of employment. Such thinking is misleading as entrepreneurship is an option chosen by many people. It is believed that entrepreneurship will become even more common as the freelance and small business economy is expanding. Working for yourself is both rewarding and challenging. The start is already difficult as you need to come up with a business idea worth pursuing. Here is the 2nd part of the list of tips on how to achieve it:    

Read How to Develop a Business Idea (Part I)

6. Combine niches. Have you ever heard of chessboxing? It is a sport that combines rounds of chess with rounds of boxing. Its goal is to push people to their physical and mental limits. Chessboxing has attracted worldwide attention. A similar approach could be applied in business: you can combine different niches to create a unique niche which you can excel at. The more interesting niche you can create, the more attention you can attract. This will also help differentiate your business in the market, and help withstand competition.

7. Focus on your passion. The success of any venture depends on passion. If you are passionate about your project, you will withstand doubt, rejection and ridicule along the way more easily. Passion empowers you with determination to pursue your goals through hardship. Whenever you are facing difficulties or doubts, tap into your passion and remind yourself why you are doing this. This will help you stay motivated to do your best, and will make you feel excited about your project again. Your enthusiasm and determination will help you push your project forward. 

8. Focus on your Ikigai. Your perfect business idea lies at the intersection of what: (1) you are good at; (2) you are passionate about; (3) you can get paid for and (4) the world needs. If you do not know what excites you and what your calling is, it means that you are disconnected to yourself and your purpose. If you only focus on looking for a business idea, make sure you are not doing it just to make money, which is not sustainable. Practice your creative thinking as well. Focus on your Ikigai will help come up with a business idea which reflects your passion and interests, and is financially sustainable.

9. Find a gap in the market. The purpose of any business is to solve problems. Think of problems your business could solve. Check if there is a gap in the market that you could address. To generate ideas, write a list of daily frustrations that people have and the ways you could solve them. Once you have identified those frustrations and have come up with solutions, you have a framework to work on. If you notice any gaps in the market, the better it is for your business: you could be the first to serve the underserved ones, thus establishing your position in the market. 

10. Read books. To start a business, you need to practice both your creative and strategic thinking. One of the easiest ways to achieve it is to read a lot of books. For example, to better understand how to do business in the digital age, read Eric Reis’ book The Lean Startup. It will provide you with a better understanding of how to build a business in a fast-paced environment. Reading such books also boosts your creative thinking as it exposes you to new ideas and stimuli. The more you read, the better you become at generating ideas with business value.

References: | Jodie Cook, | | Conni Biesalski, |