Authors: Inc The Staff of Entrepreneur Media

Start Your Own Business (5 page)

BOOK: Start Your Own Business

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chapter 3

GOOD IDEA!

How To Get an Idea for Your Business

M
any people believe starting a business is a mysterious process. They know they want to start a business, but they don’t know the first steps to take. In this chapter, you’re going to find out how to get an idea for a business—how you figure out exactly what it is you want to do and then how to take action on it.

But before we get started, let’s clear up one point: People always wonder if this is a good time to start their business idea. The fact is, there’s really never a bad time to launch a business. It’s obvious why it’s smart to launch in strong economic times. People have money and are looking for ways to spend it. But launching in tough or uncertain economic times can be just as smart. If you do your homework, presumably there’s a need for the business you’re starting. Because many people are reluctant to launch in tough times, your new business has a better chance of getting noticed. And, depending on your idea, in a down economy there is often equipment (or even entire businesses!) for sale at bargain prices.

Estimates vary, but generally more than 600,000 businesses are started each year in the United States. Yet for every American who actually starts a business, there are likely millions more who begin each year saying “OK, this is the year I am going to start a business,” and then don’t.

“
It’s not the business
you’re in, but the way
you do business, that
makes the difference.
Every business has a
formula for making
money. You need the
determination to figure
out the formula
for your particular
business.
”
-GREG BROPHY, FOUNDER
OF SHRED-IT AMERICA INC.

Everyone has his or her own roadblock, something that prevents them from taking that crucial first step. Most people are afraid to start; they may fear the unknown or failure, or even success. Others find starting something overwhelming in the mistaken belief they have to start from scratch. They think they have to come up with something that no one has ever done before—a new invention, a unique service. In other words, they think they have to reinvent the wheel.

But unless you’re a technological genius—another Bill Gates or Steve Jobs—trying to reinvent the wheel is a big waste of time. For most people starting a business, the issue should not be coming up with something so unique that no one has ever heard of it but instead answering the questions: “How can I improve on this?” or “Can I do this better or differently from the other guy doing it over there?” Or simply, “Is there market share not being served that makes room for another business in this category?”

Get the Juices Flowing

How do you start the idea process? First, take out a sheet of paper and across the top write “Things About Me.” List five to seven things about yourself—things you like to do or that you’re really good at, personal things (we’ll get to your work life in a minute). Your list might include: “I’m really good with people, I love kids, I love to read, I love computers, I love numbers, I’m good at coming up with marketing concepts, I’m a problem solver.” Just write down whatever comes to your mind; it doesn’t need to make sense. Once you have your list, number the items down one side of the paper.

On the other side of the paper, list things that you don’t think you’re good at or you don’t like to do. Maybe you’re really good at marketing concepts, but you don’t like to meet people or you’re really not that fond of kids or you don’t like to do public speaking or you don’t want to travel. Don’t overthink it; just write down your thoughts. When you’re finished, ask yourself: “If there were three to five products or services that would make my personal life better, what would they be?” This is your personal life as a man, woman, father, husband, mother, wife, parent, grandparent—whatever your situation may be. Determine what products or services would make your life easier or happier, make you more productive or efficient, or simply give you more time.

TIP

Don’t overlook publications in your search for business ideas. Books, newspapers and magazines all contain a wealth of ideas. Your reading list should include business, lifestyle, and niche publications like pets or antique tractors. Read your local newspaper, as well as major newspapers from the large trend-setting cities like Los Angeles, New York and San Francisco, many of which you can read online for free.

Next, ask yourself the same question about your business life. Examine what you like and dislike about your work life as well as what traits people like and dislike about you. Finally, ask yourself why you’re seeking to start a business in the first place. Then, when you’re done, look for a pattern to emerge (i.e., whether there’s a need for a business doing one of the things you like or are good at). To make the process a bit easier, we’ve provided a “Things About Me Worksheet” for you to complete, starting on page 22.

Things About Me Worksheet

Complete the following self-assessment worksheet as honestly as you can. Just write down whatever comes to mind; don’t overthink the exercise. Most likely, your first response will be your best. Once you’ve finished the exercise, look for patterns (i.e., is there a need for a business doing one of the things you like or are good at?).
1. List at least five things you like to do or are good at:

2. List five things you are not good at or you don’t like to do:
3. List three products or services that would make your personal life better:
4. List three products or services that would make your business life better:
5. When people ask what you do, what’s your answer? (List one occupation or whatever mainly occupies your week.)
6. List five things you enjoy about your work:
7. List five things you dislike about your work:
8. When people tell you what they like most about you, they say:
9. Some people dislike the fact that you:
10. Other than your main occupation, list any other skills you possess, whether you excel at them or not:
11. In addition to becoming more financially independent, you would also like to be more:
12. Write down three things you want to see changed or improved in your community: