Most people trying to figure out how to make realtime income would tell you how much interested they are in starting a business. Ask them what line of business they would like to take, and they tell you that’s just what they’re indeed trying to figure out! Finding a good business idea should begin from within a prospective entrepreneur, before extending to what there is to do outside.
By Irene Zih Fon
Looking first from within ourselves when thinking of a business to do, allows us to undergo a personal test as to whether that is really what we want to do in the first place, or if it’s just a societal pressure we’re pursuing to be in line with current trends. Secondly, there’s need to assess if you ‘can’ do business-any motivational speaker would confirm that anyboby can, if they set their mind to it. However, the ability to set your mind to it, derives from an interest or a desire to do it! When we are sure “Business” is really what we want to do, then comes the ‘hard nut’ question-what kind of business can i do...that would be successful?
Examine Your Interests
There are some things in life towards which you have a natural liking- those things can become your greatest assets. You don’t need to look far to search for a business idea. Most of us remember our childhood and adolescent days, when someone asked us that question-“What would you like to become in future?” Those answers we gave out of a seemingly childhood ignorance, very often turn out to determine the field(s) of interest we end up pursuing in our adulthood. I have always wanted to be a journalist and so business journalism may not be a bad idea for me!
They come from within, based on usually an admiration, an exposure or sometimes just a tendency of likeness. They may take another form when we grow up, but are often inter-related with whatever we would enjoy doing(though most people unfortunately resort to doing things for survival rather than for fulfillment.) Hence, there’s no menial business idea as long as it is a passion-give it a try and your manner of doing it could make you a “star” to reckon with in that industry! You might just be the right person to do that particular job at that particular locality, at that given period...and then you automatically have an indispensable market before working to consolidate it.
Identify Your Talents
You can have an interest in something, yet do not have a natural mastery of doing it and would need some training or experience. You have a talent in something if you have an exceedingly recognizable “finesse” in performing that particular task, usually without strain or stress. Everybody has a talent, the issue for some is identifying it. Ask those around you about what they’ve noticed you’re good at, if you can’t identify them yourself.
Even when we’re talented at something, working at it would make us better at it. Some people are so blessed to be multi-talented, and so they find they can’t do just one thing, because they can’t help exlporing the inspiring ideas that flood their mind. Most believe God gave them all that for a reason, so they put it to use for the service of humanity whenever they can. However, multi-talented people need to skillfully organize and coordinate their commitments so they don’t lose focus. There are entrepreneurs who’re good at just setting up businesses for others and then moving on; others are better at consultancy and yet another might be great at performing outsourcing tasks for businesses.
In the search of a business idea, tap unto your talents. Write them down and examine how you can use or demonstrate them to earn a living. Musicians and actors do just that- living a talent which is also a business. Craft artists, screenwriters and designers can choose to go solo and establish a business in their field rather than work with others’ firms, eventhough networking is always a must for every business owner.
Recognize Your Skills
Skills are very often acquired either through formal or informal education as well as by experience or exposure. After going through school, undergoing vocational training, getting that internship position upon graduation, having the chance to do that “small job” somewhere, or learning some secrets of good cooking from mom while gowing up- what skills have you gained that you can comfortably put to use?
Slyvie Mbongam is a young Cameroonian entrepreneur who after studying software engineering in London, returned home to establish a business. Her firm offers training in computing. As to what motivated her into IT, she said she was considering a field in which she has background knowledge or some degree of mastery. By virtue of her exposure to the field, she also benefited from her considerable capital and avilable resources in setting up the business.
So having a skill is very very necessary. If you don’t have one through any of the means mentioned, then consider getting that before decidng on a business idea.
Find a Societal Need
One of the secrets of success in any business is it’s ability to serve a need. After analyzing your inner strengths and abilities, it’s time to find out where they can be of service-or if they can be of service! A business idea can sound so fascinating, but if it lacks a market, who would buy your products or pay for your services to make it worth the name?
The business environment might seem exhausted but it is not and may never be, because there is always a better way of doing something and peoples’ needs and preferences adjust as the world evolves. So try thinking differently, like an innovator...finding new ways of doing things. A hidden lucrative market could just be lingering on your mind waiting to be explored. Again, it must not be farfetched: look around you, listen to people express what they would rather have instead of what they’re having, pay attention to your own deepest desires on making life more comfortable.
Ben Ashu runs Virtual Resource Education Services(VRES.) In finding a business idea, he did what he calls “environmental analyses.” “90% of students” he said, “go to college pursuing the wrong courses, choosing the wrong school, following the wrong career path.”So he thought Education Counselling would be his niche. However, his passion is Real Estate Services, and he still woks on fulfilling that deam.
Fulfill that Need
After recognizing a need within your community and testing how unique it can be, it’s now time to match your assets to that need. One person can obviously not fulfill all of humanity’s needs, so play on your interests, talents, skills and the societal needs for which you have a soft spot. Combine all your sources of energy on mapping out a wonderful business idea that would not only make you some cold hard cash, but would also keep you smiling all along the way.
Nice post. It made me think of my own individual preferences in business. Before When I would start the business I start with the social need even if I don't have the skills and interest required to fulfill that need.
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