primitiveshaun wrote this!
on Wed May 27 2020
The Three Types of Idea
You are unique. You have a set of skills, talents and experiences unlike anyone else. Could you put any of these to good use. It’s likely you can do something other people can’t. This doesn’t just have to be work based skills. Do you have hobbies. If not, what have you always wanted to do? Learn something which you will enjoy doing with the intent of developing this into a business. Admittedly this may take a little longer but there’s no time to start like the present.
Follow the steps show here to analyise your abilities and peronal properties then to develop these into a few possible business ideas:
List your skills
- What do you love to do?
- What do you do well?
- What would you like to do?
- Do you have any talents, hobbies, skills, passions & experience?
Create a Personal SWOT Analysis
Create a personal SWOT analysis, list:
What do you enjoy doing most – skills/experience/hobbies, knowledge, personal traits.
What do I least like doing – ie. no business skills, not good at numbers, lacking in knowledge.
What’s around the corner – what external factors may help you, what can you learn from others, where do you fit the bill.
What could cause you problems – how will external factors affect your business or venture.
Learn to Recognise Trends
A few of these could be:
- The growth of the Internet
- Working from home
- Demographic Changes
- Credit Crunch
- The Grey Pound
- The Pink Pound
- Ethical Trading
- Social Enterprise
Observe Trends and Markets to Find Opportunities
- New or growing specialist areas (niche markets)
- A market with some resurgence in demand
- Products that hold their value
- The local supplier
- Meeting a need for which there is only occasional demand
What are the Problems and What are the Needs?
Ever noticed something which could be done better.
Do you see wasted time, money or stuff? Could you minimise waste and make LEAN.
What’s the solution? Is there an opportunity?
- What is the idea?
- Is there a better idea?
- Can it be developed?
- What are the Operational needs?
- What are the Technical requirements?
Is there a Market?
- Do people want it?
- Do people need it?
- Do people know they need/want it?
- Will they buy it from me?
- Why won’t they buy from me?
- Who do they buy from and why?
- What do they really want?
- What sort of business could you create?
- A full-time or part-time operation?
- A business to fit your lifestyle?
- A service-based business or product-based business?
- A ready made business (existing or franchise)?
- Be clear about your business idea
- Be honest about your skills
- Research what support is available
- Research your customers, competitors and suppliers
- Research the “Market”… know where you want to fit in
- Develop a business plan
- Always start with all the cash you need
- Prepare and plan for contingencies
- Take all the professional advice you can get
- Break down big tasks into
- Create a plan, lists are good
- Network, network, network
- Understand the Parato principle – aka the %80/%20 rule
Created 13 September 2012, last updated 10 October 2020.