What are your passions and what are the biggest problems you see in the world?
At the intersection of those two questions is the business idea you should pursue.
In order to have a business you need to be interested in the thing which you are selling. Overnight successes are extremely rare, if you’re not willing to hustle and graft for 5–10 years you’re wasting your time.
And most people aren’t.
We get an idea, run with it until we reach the first obstacle and give up. If you’re not willing to stick with it, to climb the mountains that will rear up unexpectedly in front of you give up now, save yourself the time and effort.
People think entrepreneurship is easy. Think again. How many times can you get up having been punched in the face from something of your own creation?
It’s like trying to raise a child, who’s trying to bankrupt you and ruin your life.Every single day. When thing run smoothly you’ll love it more than anything in the world, but the majority of the time you’re fighting to avoid catastrophe.
If you lack the perseverance to continue to put one foot in front of the other when everyone else is sniggering you have no chance. To find a business idea it is critical you possess the above.
Adversity is inevitable.
The ability to relentlessly pursue an idea is the most valuable tool any entrepreneur can ever possess, more important than any idea.Implementation trumps ideas and obsession will always beat interest. Normal people cannot compete with obsessions, you need to find yours.
What is your obsession, what obsession can you cultivate? That is the business idea you should develop.
Sure, you can pursue an idea that that you aren’t interested in and it might be incredibly profitable, but you most likely won’t have fun doing it. If you’re enjoying what you are doing, if you cultivate interests aligned with the business you envision, and pursue it you’ll never truly work a day in your life.You can succeed without happiness, but without joy what is the point.
You have to love what you do, find what you love and do what you love. Never settle.
Interest in the area your business operates within is the first prerequisite of establishing a business.
What unique insight do you possess? The true voyage of discovery is not inseeing new landscapes but in having new eyes. It’s about seeing the same things from a different perspective, things that other people haven’t noticed.It’s about reinventing an existing business model or innovating and creating something new. The former is the safest route, the latter often the most profitable but far more dangerous.
It’s about love not exploitation.
The internet has ensured transparency on an unprecedented scale, your customers are the only marketing team you’ll ever need. If they don’t love what you do they’ll tweet about it. If your product is terrible quality they’ll Instagram it. If you campaigns are terrible they’ll mock you on snapchat. If they love you their whole network is advertised to willingly for free. You need to create things people love, if you can do that you’ve found your business idea.
Which means you have to share.
Stop being so precious with your ideas. We hide what we are doing for fear that other people will steal it. If they would, great, it means you have a chance. Most likely people won’t care or see the value. Their questions will enable you to develop and iterate on your idea. To your business idea it is essential you get feedback, perhaps more important than anything else.
Find out how you’ll fail, find out the problems and fix them. Save yourself the heartbreak of creating a product nobody wants or need.
It’s about solving real problems. If you can help someone you can make money from it.
But it shouldn’t just be about solving problems people tell you they have. The problem is people only think they know what they want. If they could dream of the next development they’d be creating it. Sometimes products are so far beyond the realms of comprehension that it doesn’t catch on. History is littered with products that were before their time and their use never grew in popularity. To find a business you need to make sure people are ready for it.
“If I had asked people what they wanted, they would have said faster horses.”― Henry Ford
So your business idea needs to be more than what other people tell you they need.
Most of all you have to be relentless and view failure as a bedfellow you will ride on the path to success.
9 out of 10 businesses fail, so start 10 and you’ll eventually arrive across your solution.
But never have a plan B, if you do you’ve already started to entertain the thought of failure.
Greatness most frequently arrives from prolificacy. It’s about quantity not quality because quality is bred and birthed from quantity.
It only matters that you don’t fail the last time you are willing to try, so keep trying and you will find your business idea. Be relentless and unmerciful and persevere with obsession as you watch other jump ship.
And always love what you do.