Discover your motivation for starting a business
Before you started your business, you should have been absolutely clear about why you were doing it.
You’re motivation now may be the same or it could have changed significantly. That’s not a problem, so long as the desire to succeed remains.
That may sound obvious, but there are actually many reasons why people’s motivations change. It could be a separation in a relationship, a new desire from a new interest you’ve educated yourself on and so on.
So, the clearer you are about what exactly you are trying to achieve, the better chance you have of achieving it
Start generating business ideas
It is now time to start coming up with ideas, this is often a long and time- consuming process but have some patience and you will bring to life some fantastic ones. Below you will find advice on how to get started with your ideas. Try to follow a process and you will be surprised with thoughts and suggestions you come up.
Solve a problem that prospective customers care about
Start by thinking about what significant problems you could solve and how. Many successful companies started out on a mission to solve real problems that affect millions of people and provide a solution through their products and services.
Identify where you provide a better solution
Look for areas where solutions are already available, but you can do better than existing companies either regarding efficiency, innovation or cost.
For example, Apple entered the mobile phone market more than a decade ago as an underdog with a new innovative product and are now a market leader. Despite the fact the technology had been available for years no one had brought the level of innovation the iPhone did to the market.
Don’t limit yourself to one business idea
It is easy to settle on one idea but to give yourself the best chance of coming up with a great idea it’s best to pick a few to explore and compare. This is where you have to look at researching your idea’s and reading up on the market leaders. The possibilities are endless and can cause information overload at times. As long as you carry out the diligent research of your particular niche, then you should be ahead of the game.
If you’re stuck, stop thinking
You can overthink it when it comes to ideation, so if you are stuck stop thinking about it. Many times, when you stop actively thinking about something the solution or idea will come to you later.
Try not to get frustrated or let it get the better of you that ideas don’t come to you instantly or that you find yourself with a mind block that will happen from time to time.
Research your business ideas
This stage is all about researching your business idea as much as possible to decide if your idea or ideas could turn into a great business. To assess and compare each, you want to have a clear understanding and knowledge of what the current market provides, what the client wants and what you can offer that isn’t already out there.
Define & analyse your target market
Is there a market out there for the business, product or service you want to provide and is it big enough to support your goals? You should also consider the competitive landscape and know who your main competitors are. Analyse what their and your weaknesses and strengths are, as well as market opportunities and threats. You want a clear idea of the overall market and how your business would fit into it.
Mistakes are good!
Making mistakes are good, we all learn from them, but we must not let mistakes get us down or put us off from driving forward and moving on or we will never reach our goals. There has never been a successful businessman or woman who have reached the top of their field with making mistakes (and usually more than one). Mistakes are a part of life and we must embrace them as a way of learning and educating ourselves in what we are trying to achieve.
“If you’re not making some notable mistakes along the way, you’re certainly not taking enough business and career chances.” – Sallie Krawcheck
The difficulty for everyone is that the internet is saturated with so much content of what to do as a business, the latest fad or next big thing. Before you know it, your head is spinning from being sent in so many different directions and creates brain overload. The truth and only good consistent piece of advice I have had is to look into something that you are truly passionate about. Having the motivation and desire is one thing, but if you’re are attempting to start something that looks like a quick fix and money earner it is unlikely to last the test of time.
“Life is like a combination lock; your job is to find the right numbers, in the right order, so you can have anything you want.” – Brian Tracy
However, don’t let this put you off. We have all had to go through this process and if it is something that you realise is not for you then look at it positively. Learning from our mistakes is key to any success in life and as I have always been told, it’s the hardships and the struggles we have to go through that eventually makes us successful.
