You have an idea about a product or service that you think would be great to create. Like one of those back itches that refuse to go away, the idea, probably a great business opportunity, has been gnawing at you, not letting you rest. And you probably don’t even know how it all started in the first place.
How Did It All Start?
Maybe you were just connecting the dots and discovered something missing. Or was it serendipity? You observed something missing and unexpectedly discovered an opportunity that with structuring
could prove to be a great business opportunity. Or was it just belief in a product or a service that you felt was compelling and had to be implemented?
How Do You Ensure Your Success?
This is the first time you are perhaps considering building a business. You know your family will have serious concerns you will have to address. Maybe you are married but you realize how stressful life could become given the uncertainty setting up a business brings. And the itch refuses to die down.
So. what should you do? Is this something you really want to do that justifies the risk? How do you make sure that the risk can be managed and is therefore worth taking?
Where should you begin?
Like anything else in life that is important to you, four fundamental questions become critical to answer so that you understand what you are getting into with absolute clarity.
What do you love doing? Maybe you love coding or come back home and spend time building a hobby. Or is it music or painting that draws you? What are you really good at? Despite what you may desire what really matters is what are you good at. If you are good at creating music and really love doing that then that is what you will always be drawn to. That is where your energy lies. What does the world need? If the world needs what you love doing and are also good at then the success
becomes more likely.
But will you get paid for it?
This is what will determine whether the idea you have will remain a side hustle while your main preoccupation earns you money or will it become the centerpiece of your existence.
In Aristotle’s words… “Where the needs of the world and your talents cross, there lies your vocation”
And if answers to these questions have encouraged you to move ahead then consider if this is important enough for you to stake your life on or should it be just a side hustle? And above all why you?
In business terms you really need to answer these questions before you start on building a business. Your answers will determine should you even proceed on building a business out of the idea.
It would be imprudent to proceed unless these 4 questions are answered.
Is This a Real Business Opportunity?
What will really matter is whether you are following a real passion or are you on a mission to change the world. Or your venture is just a way to earn a living or is it a profession that will build wealth. Your business success is guaranteed if all four can come together.
To figure this out you need to carry out four basic activities which must be predominantly data based.
a. Introspection about what really drives you and what you are happy doing
b. Find out about the market through market research, online surveys, customer interviews, POCs
c. Figure out revenue lines and revenue model
d. Build a skills and experience inventory that would be required
To sum up here are some of the questions that you would need to answer before you start on building a business.
So should you chase your dreams and explore your ideas, bring them to fruition. Of course, you should. It guarantees you a much sought after independence and probably wealth. But above all it offers you a chance to make a dent in the universe.
(Part 2 will cover what is a startup and how is it different from a regular business)