Starting a business can be challenging even before you really start. The first thing you need to tackle with is picking the right idea. You need to figure out what you want to sell, what kind of solution you want to give as solution to many people, etc. Those can be stressful but it is a process you need to pass. You have entrepreneurial bug inside you and you need to feed it something good.
Formula to pick the right idea for your business
Generally, there is no exact formula when it comes to running a business. Every successful entrepreneur may have their own journey with different methods and strategies. Hence, there is no ultimate rules or formula to start a successful business. However, find and narrowing business ideas is possible with these useful tips:
Pursuing your passion
It is not a must but if you can run a business that comes from your passion then it has higher chance for longevity. Why? It is because you will be passionate doing it. It is something you like so you also have that higher excitement because it is your expertise, something you already have the knowledge about. Unlike when you do something you don’t like, it sometimes can make you feel like you are being forced. When you are not passionate about what you are working at, it is easier for you to have the urge to quit and give up. Emotionally-driven idea can worth a try if it something you are passionate about.
Find idea that solves personal problems
Many successful entrepreneurs started their business due to the urge to help others by providing a solution. However, solving problems of the others means you need to know what their problems is. Interviewing every single person you see on the street is impossible and inefficient. Hence, you can start with your own personal problems. Remember that you are also part of the world and there are many people who share the same problems with you. Solving your personal problem may have solve the other’s as well.
Try to be an active observer
Aside from looking from your own perspective in finding a problem to be solved, you can also become an active observer. It means you observe your surrounding community and feed your curiosity by talking with people, and get to know more about their lives. You will find differences and similarities a long the way that can be your path to find some brilliant ideas. This process can help you gain better understanding of people’s behavior as well.
Brainstorm and identify something that need an improvement
Brainstorming is such a great activity to find ideas. You can do it by studying the past, observing the present, and developing foresight into possible future trends. You may get fair assumption that can be a valuable idea. Also, you may consider identifying something you think need an improvement. It means, you observe the existing product and service and find if there is mistake to fix to make them work better.