If you want to create your own company, the first thing you need is to have an idea. If you haven’t found it yet, check the reading… where do I start? If you already have an idea, you are in the right place!
The first thing to know is that not all ideas are good, but even more, not all good ideas are opportunities for you. And if you do not consider them as opportunities for you, you will not take action to carry out this idea.
Do not be afraid to discard ideas or good ideas, if you do not discard them, you will be using your time and energy on an idea that is not really going to hook you enough for you to decide to jump in and believe the story.
The Business Idea
What Are GOOD Ideas For Starting A Business?
Good ideas are those that you believe will allow you to develop a great company. This has to do with the orientation of the market and with the knowledge of the productive part that you have or that someone can give you.
A good idea considers An element of tangible originality. What is it that makes you or your team unique, what does this idea have that doesn’t exist? A real potential market, with growth possibilities that allow the company
The possibility of entering the commercial network. Establishing relationships with clients (entering the market, generally choosing a niche), with suppliers, with employees who are capable of executing the assigned work, and with other members of the economic community as necessary (BEWARE, not necessarily banks, although a company you will need an account to deposit checks in eventually.
What you need from the beginning is an accountant, lawyer, etc. who can support you if necessary)
Possibilities of generating a margin that allows mistakes to be made… In other words, most of the existing companies have already advanced in their learning curve. A new business, however, must go through a number of time-consuming activities and must establish itself.
And finally the orientation of the market. According to the development of the markets, there are various spaces for opportunities.
In the beginning, it is necessary to create a need. In this phase of the market, it is important to identify those potential customers who will take a risk with you to use or try your product or service.
These customers are special, give them special treatment. Identify what value you are creating for them to make the right decisions.
In the market creation phase, sometimes large investments have to be made to raise awareness of this new need. A small or new business may not have the resources to pay to create this need.
But it is also possible that you get a complementary company that benefits from the creation of this new market and wants to support it with resources.
Another alternative is to enter a sub-market that you can handle and expand. Analyze this entry sub-market based on potential customer engagement, not on strategies for mature markets. Remember that it is not possible to segment a market that is being formed.
Once the market begins to develop (who asks today what is the Internet, fax, or cell phone?) it is possible to take advantage of the growth and more easily enter a piece of the market.
In the growth phase, there is room for many companies and there are no standards, so it is difficult for consumers to differentiate between one company and another. These are the most watched industry opportunities.
Mature markets also present opportunities, especially in segmentation, taking advantage of niches that are either very small or not usable by large companies and in the consolidation of markets (there are very attractive integration opportunities that generally go unnoticed in Latin America. For example, services logistics, etc.).
How To Choose Opportunities Among Business Ideas
Well, the first thing is to order. If you have several business ideas in your head, I’m sorry to tell you that you can only pursue one at a time. Until you have enough experience and sales to move on to another.
The process of selecting good ideas to obtain opportunities is based on two key questions: what do you want to do in the future and what strengths do you have or think you have to carry out this idea?
By complementing these two types of questions with the idea of a company, you can determine if this is going to be an opportunity for you or if it is just a great idea, which is not going to work for you.
These are examples of questions about the strengths you currently have:
What do I have in particular to carry out this idea?
(Example: I know how this thing is made, I know the main clients, I can get the house where the sale is most visible, I was working on something similar, etc).
These are examples of questions that have to do with the expectations you have of your future:
What appeals to me most about this idea and how does it fit in with the lifestyle I want to lead for at least the next 10 years?
Once you decide that this idea is a good idea, and it is also an opportunity for you, it is necessary to continue with other filters. To determine if it is worth it, you have to look for some basic information that will allow you to answer other questions to assess whether you will dare to carry out your idea or not.
We have grouped these types of questions into 4 different categories:
1. Person – Operations – Logistics
Can I do it? Can I get someone if this person is essential to do it?
2. Strategy – Administration
Can I create wealth, distribute it and justify that I choose to carry out this idea?
How is the wealth that is being created or will be created distributed? How long can I survive (as a person and as a company? Is the margin interesting, is there room for mistakes?
Can I get customers to actually buy my goods or services? How much are they willing to pay, and when?
What To Do With Good Ideas That Are Not Opportunities
If you’re not going to do anything with your good ideas, spread them around.
Not only will you be noticed as an innovative and enterprising person, but you will get used to testing your ideas with others and improving them.
What’s more, it is likely that in this way you will get another person excited about your story and help you make your dream come true.
If the idea gets out of hand, let it go and start looking for something else. How many people do we know with tremendous ideas who don’t let go so they don’t copy them and never carry them out?
What To Do With Opportunities
Not all ideas are good ideas, not all good ideas are opportunities.
The selection of ideas is a personal and individual process.
The opportunity mixes something strong that you have or that comes from your past, with something that is attractive to you so that you can dedicate an important part of your life to it.
If you don’t get rid of ideas that don’t serve you, you won’t be able to keep looking and eventually find an opportunity.
Sharing or gifting ideas is a great way to get rid of them and increase your ability to explore ;
What’s more, you could get a supportive partner and then discover that what initially wasn’t an opportunity for you is now one.