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Posted by Sheri Orvis on 2014-01-01 10:26:49
Title: I know I have that entrepreneurial bug in my brain, but I have so many ideas floating around, I don'...
Category: Leadership

I know I have that entrepreneurial bug in my brain, but I have so many ideas floating around, I don't know which one to focus on. I want to create my own business and have very little money to start it. How do you focus on one thing and where do I begin?

Answer:

Fix My Biz
2014-01-07 11:30:51

Hi Sheri,

Making the decision to become an entrepreneur is the first step, so congratulations!  You’re right to think carefully about where to apply your efforts.  The right business idea for you lies at the intersection of an opportunity in the market and your particular skills and interests.  Maybe there is a product or service that you are uniquely positioned to offer.  Then ask yourself if anyone would want to buy it.  If it’s still looking good, spend some time thinking about whether you can offer that product or service at a competitive price and still make money.

In our experience, would-be entrepreneurs often get hung up on finding the ‘big idea.’  Remember that you don’t necessarily have to reinvent the wheel.  Think about it – there are lots of coffee shops, dry cleaners, accountants, etc. You just need to make sure that you are the right person to fill a need in a lucrative market.

Here’s an exercise to help you hone in on your idea.  List the criteria available for your entrepreneurial venture.  You mention that you don’t have much money, so ‘small investment’ might be on the list unless you are planning to borrow funds.  Other criteria might revolve around location, hours available, industry, etc.  Once you have your list of criteria make a separate list of all of your entrepreneurial ideas.  Now, start crossing off the ideas that don’t fit your criteria.  You’ll find that many of your ideas will be put into perspective.

Good luck!

 

Danielle Botterell & Amy Ballon, Spark Consulting