How To Find a Great Business Idea
Entrepreneurs are one of two types of people. The first is somebody who stumbled across a great idea for a business, and finally mustered up the courage to quit their job and go for it.These people will be discussed next week.
The second types are those people that have always wanted to be entrepreneurs, but still haven’t found that great idea. This type of person can be a problem.
Are you sure you want to be an entrepreneur?
If you want to be an entrepreneur but don’t have a great idea, why exactly do you want to be a young entrepreneur? Do you just want to work for yourself? Have you considered freelance work instead?
If you are in this second group then your approach is the problem. The perfect idea doesn’t exist. There are good ideas, bad ideas and boring ideas. The longer you’ve spent trying to think up a great idea, the more pressure you put on yourself.
It’s all in the execution
Consider this, when Sergey Brin and Larry Page launched Google in 1998 they were already competing against another 11 widely used search engines. There just wasn’t any room or reason to create another one. When Mark Zuckerberg launched Facebook, we already had MySpace, Friendster and dozens more. When Richard Reed, Adam Bolton and John Wright launched Innocent Smoothies, dozens of supermarket and mainstream brands were already available.
Have you got the point yet? The idea isn’t so important. Usually your plan and concept will change once you get going anyway.
It’s the execution. Google succeeded by focusing purely on search and the using hyperlinks to rank pages, Facebook thrived by focusing on students and limiting the amount of advertising on the website, Innocent Smoothies ditched everything we hate about corporate companies and exploded through ‘likeability’.
How to be the excellence of execution
How would you enter a crowded market and get your message heard? Find just one single thing that as a nimble, new and young entrepreneur you can do better than everybody else. Look at your natural advantages. You can build your business from scratch. Innocent Drinks banished corporation speak, Google introduced lets all employees spend 1/5th of their time working on their own projects..
You have to be quicker and find the niches. Is their a new trend you can see on the horizon that you can respond to now?
- Are major travel agents offering green-conscious customers the options to reach their destinations without harming the environment?
- Have advertising companies properly explored the benefits of blog/social network advertising?
- Are these many agents representing new media celebrities like YouTube/Online Gaming stars?
More ideas will follow in the weekly ideas bash. For now stop trying to think of one great idea, and instead think of simple things that you like and the service/knowledge gaps all around you. Are there any estate agent companies just for students in your town? It might be time to get started.
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POSTED IN: Ideas for businesses, Young Entrepreneurs
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