In this video, you will learn how to come up with good business ideas in 6 steps.
You definitely don’t want to waste years of your life and thousands of dollars on a bad business idea that wasn’t properly planned.
Enjoy the video and let me know what you think in the comments below!
Here is how to go about choosing a business idea that would make sense for you:
1. What are you good at?
You don’t want to necessarily just pursue your passion because you won’t always be passionate about the same things. As we accumulate new relationships, adventures, experiences, and other influences, passions can change.
2. Where is there a need?
You can’t expect to be successful if you just do the exact same thing as everyone else. You can do something similar in some cases, but you still need to provide some sort of unique value that no one else does.
- Watch this to find out how Elon Musk went about finding the world’s biggest problems to work on.
3. What product or service do you wish was available?
Sometimes you just have to stop focusing on everyone else and figure out what product or service you should create for yourself. If you like it, chances are others will too.
- Example: Evernote was created because the founders wanted a product like it.
- Reddit is another great place to come up with ideas.
4. What do trends look like going towards the future?
Don’t just rely on what was working for the past decade or what’s working today. You need to look towards the future as well and find what industries are trending upwards.
- Google Trends is great for finding trends online.
- TED Talks always have interesting speaking topics that have to do with the future.
5. How will it make money?
A business isn’t much of a business if it doesn’t make money. You don’t necessarily have to make millions or turn it into a publicly traded company, but if you want to make the world better, you need to be able to pay the bills too.
- This page has dozens of ways to to make money online from your business.
- Here are some more ways to monetize whatever your business is and how to approach the process.
6. Would you feel good about what your business does?
Don’t ever underestimate the power of peace of mind. If you don’t have a great gut feeling about what you’re doing, it will jeep you up at night, make you avoid talking about work with loved ones, and turn into a big problem.
- Would you want your family and friends to know what your business does?
- If you were on your deathbed looking back on your life, would you say working on that business was a good decision?