If you’re an aspiring entrepreneur but you simply don’t know where to start or what to do, this is probably an article you would like to read. Some of the steps lined out here may seem obvious but they can help you ask the right questions at this stage to get more clarity of mind.
For me, one of the best things about entrepreneurship is that the number of things and industries you can go in are endless. It’s probably the occupation with the broadest amount of areas and opportunities you can immerse.
If you’re here, you probably like business and don't want to work for someone else but use your talents, resources, and capabilities to create a product or service that solves a problem or helps someone. It can also be the case that you want to make a bunch of money and you know that if you don't have a super technical specialization in a given area, you’ll probably don't get rich by working for someone else; And that’s still a valid motivator at first. The thing is that sometimes it may be a bit difficult to decide where to start. I know what it feels like, I’ve recently been there. You want to eat the whole world and are excited about it but you don't know what specific product or service you’re going to create. We’ll outline a couple of steps that can help you.
An entrepreneur usually is in an aware state of his environment, of how things work and what problems or inefficiencies are present in his daily activities. They are constantly thinking of how could things be improved. It’s very useful for you to develop this kind of awareness in your day to day life so that you’ll be able to easily detect problems that exist on a specific activity you’re involved in. When you find that problem, that process that could be more efficient, or that product that could be done better, immediately write it down! Frequently go over your notes, think of that problem and what could be the best solution for it. This way you’ll be having ongoing manufacture of potential business ideas.
At some point, you’ll have to choose an idea you want to develop. Maybe you came up with a pretty good one and you just have to start working on it, but sometimes it’s kind of difficult to decide which idea to choose for your list.
Passion vs. Opportunity
I believe there’s an important question that I’ve been looking for an answer to it, and it is the following: Should your business idea be solving a problem of an area or industry you are passionate about? Or should you rather follow an opportunity even if it’s something you’re not passionate about at first? I’ve heard a couple of different positions on this matter but haven’t concluded. I will share them with you since they can help illuminate your posture.
First, the person that has helped me the most in my entrepreneurial journey with his authentic and selfless business and entrepreneurship advice, Andy Frisella, has made clear on his podcast that when you are looking to come up with a business idea you should look for problems and solutions in your areas of interest. I could summarize his position but I’ll leave one of the episodes in which he talks about this matter because he also covers other stuff related to our topic. You’ve got to know this guy is super intense, passionate, and all he does is from a place of truly wanting to help others. His podcast, The MFCEO Project, is the #1 business podcast on iTunes. Here you go, hear it from yourself:
On the other hand, there’s the point of view that opportunity is what should guide you and not your passion. And I recently came up with two very interesting videos from good sources that explain this argument. Check them out, they are short:
Now that you’ve heard both sides of the stories you can now have a better perspective on what to believe.
Action is the key
Something else that’s important to say when talking about coming up with a business idea is that ideas are worth nothing without execution. So don’t overthink or wait to have the perfect idea to start because there’s nothing like that, success is built through the execution. Dean Graziosi says that a mediocre idea with an outstanding execution will always surpass a “million-dollar idea” with poor execution.
When you’ve figured out what is the problem or inefficiency that you want to solve with your product or service, it's time to test your idea. In our time this has become very easy and cheap due to technology; entrepreneurs from the past decades did not count with all the tools we have today to start a business with little to no money. From digital marketing to electronic commerce, the industry has overcome huge changes recently.
There’s a great book that clearly outlines the steps to follow after you have an idea, from multiple forms of testing your idea, to building a business plan and having your first customers, everything with the least amount of money. “How to set up your business for under $1000” is an all-around beauty written by successful entrepreneurs (it also has a very useful resource guide to useful websites & apps).
Well, I believe diving on these resources will be very helpful for you starting on entrepreneurship. Let us know in the comments what other questions you have or topics you’ll like us to cover. And remember not to overcomplicate on this first step; it’s more important for you to take action quickly and learn on the way.