Developing a Business Idea
Coming up with a business idea may seem easy. But it's not. A successful business is one in which you have a long term vested interest. Some entrepreneurs hoping to make a quick buck, make the mistake of going for the "most lucrative" business. For example, the highest profit margins might be found in the area of designer jewellery, with margins approaching 500% sometimes. However, this does not mean that every possible entrepreneur should rush out and set up a jewellery boutique as soon as possible. It could be a grave and potentially fatal mistake. Instead, it's more important to consider where your passions lie. Finding your Passion (Part 2) The best business to be in would be one where you'll obtain intrinsic satisfaction. That is, even if you didn't have to work, you would still continue to work at it every day. For some it might be playing computer games. For others participating in online forums. For another group, it might involve repairing machinery. If you truly enjoy what you are doing, you might be involved spending 18 hours a day on one specific task, but it would seem like a holiday to you. When you are working on what you feel passionate about, time will pass much faster. Once you decide what you want to do, take some time to reflect upon it. Spend a day or two visualizing what it'd be like to work the business on a daily basis. Spend time also considering what the possible downside might be from working on this business. Would there be negative feedback from friends and family? Would there be a perceived drop in social status? Would you be affected? Or would you family be affected? Once you've thought through these issues and you have certainty in this area, you can proceed to do market research.
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