Starting a Business: Article 2 - The Right Idea
Identifying the right Idea
In video 2 of our ‘November Theme – Starting a Business’, I talked about finding the right idea. CLICK HERE to watch the video.
The most important thing to do before trying to identify the right idea, is to understand what makes you as an entrepreneur unique. To do this you have to answer 2 important questions:
- Talent / Ability: What can I do better than other people?
- Passion: What am I deeply passionate about?
Clearly identifying these 2 questions will provide you with your natural strengths. In today’s competitive environment, you need to build business on your natural ability. Being skilled in the Industry that you operate in will help you to build a competitive advantage and being passionate will keep you in the game through good and bad times.
Your next vital question is ‘how can I turn my talent and passion into an economic engine’?
From this question flows the right idea, an idea worth working for! It’s important not to get emotional about your idea, keep it relevant, practical and customer focussed. To make sure the idea will work, you must do market research, and plan as follows:
- Desirability: Does the target market need my product?
- Feasibility: Can I deliver on my promises?
- Viability: Will the idea make money?
- Timing: Is the market ready for the idea?
If your idea passes these questions, you’re ready to finalise your vision, make a conscious decision and commit to the vision. The word ‘decision’ comes from the Latin word ‘homicide’ and means to kill off any other alternative. You will not build a successful business without the right idea, a clear vision and a conscious decision to commit to the vision. Creativity follows an idea worth working for, a clear vision and a committed mindset.
Lastly, I want to encourage you that discipline builds a vision, not motivation. We will very rarely be motivated to build a vision, as a matter of fact you’ll probably only be motivated for the first few months and then it becomes hard work filled with many failures and challenges. However, if you decided to commit and you can successfully discipline yourself, you’ll be able to build the business. Anything is possible for those who believe – Mark 9:23.