One of the issues I encounter most frequently when speaking with people about entrepreneurship typically goes like this: I know I want to have my own business but I do not know what I want to do. While large companies can devote extensive resources to researching potentially lucrative opportunities, we do not have such a luxury. As well, passion for what we are doing is important for success, so though a particular idea may have the potential for a big payoff, it may not be right for us. We need a simple, straightforward way to come up a viable business.
Here are three tasks to aid in coming up with a concept.
1. Do a Skills Assessment
Obviously we do best those things we are best at. The challenge is to make an objective evaluation of our skills, one that is thorough and legitimate. Here is a simple method: Across the top of a sheet of paper write down your skills. If you are not sure how to describe them go to Linkedin’s Skills & Expertise page. You can find good terms for describing your skills as well as get ideas for others that might not have occurred to you.
Next, under each skill list the schooling, jobs, and other pursuits in which you have been involved that demonstrates your proficiency it. If you want to get a little fancier, list the number of years of each so when you are done you can determine how long you have had the skill. Examine the skills in which you have had the longest and most varied experiences. Do you enjoy doing these things? If so, they will form a strong base for your entrepreneurial endeavors. If not, you may need to get training and experience in other skills before you start you own business. For example, one of my skills is education, teaching & training. I have held nine jobs and volunteer positions in which I used this skill, totaling 33 years of experience. And I enjoy teaching so this skill became one of the backbones of my company.
Once you have a solid skills assessment, use it to conceptualize services or products that might make a successful business. At this point do not be concerned with whether such a business will work. The purpose is to get your mind working on options.
2. Solve What Is not Working in Your Life
Have you ever been doing something and thought there must be a better way? Did you come up with an idea for a new product or service that might make life easier? And then did you discard it as being impractical or something someone else would do? Next time write it down. I always carry a small, bound notebook with me (leather covers, about $6 at WalMart) in which I write down such ideas. If you have a smartphone or tablet, try Evernotes, a nice program for keeping otherwise random notes organized.
Again the idea is to stimulate your thinking. We will deal with feasibility separately.
3. Read a Publication on a Subject that Does Not Interest You
Love motorcycles but have never even seen knitting needles? Pick up a copy of Knit Simple magazine then read it. Make a list of concepts unfamiliar to the things you like to do. But once it not enough. Next month if your only experience with restaurants is eating at them get a copy of Restaurant Business. There is at least one trade publication for every industry. Jot down interesting aspects of how this new business works. Then, sit back and think about how you could apply them to your skills. Connecting skills with new concepts may trigger ideas for businesses.
One of the things I have noticed by acquainting myself with other businesses is there are commonalities that cross industries. For example, the specialized language of real estate and the movie business are similar. When I got involved with the entertainment industry I found my experience in property brokerage and management gave me a boost.
Once you get started with this process you may come up with lots of ideas right away. But do not get discouraged if it takes you some time. Keep notes in an ordered way. You never know when a previous thought will be the seed from which a great business idea germinates.
