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Black Connect
by on March 17, 2019
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You know, without a doubt, that you are ready to kiss your 9 to 5 goodbye and be the boss of you.  You are ready to roll up your sleeves and do what it takes to start your own business.  There’s only one problem:  you need a business idea.

If you are having trouble coming up with a business idea, don’t sweat it.  It doesn’t mean that you cannot or should not be an entrepreneur. Sometimes knowing what business to start does not come naturally or easily.  Often, it takes focus, analysis, and careful consideration.  For some, it involves trial and error.  You may have heard the stories of many successful entrepreneurs who started other businesses that failed before they founded the one that stuck - John H. Johnson (Ebony Magazine) - for example. All you need are an open mind, patience, and determination.

Here's 5  tips to get you on the path to entrepreneurship:

Step 1 -  Know Yourself

Conduct a Self-Assessment.  These 10 questions will help point you in the right direction:

  • What am I good at?

  • What do I enjoy doing?  What am I passionate about?

  • Am I artistic or analytical?  Do I enjoy creating things or figuring things out?

  • Do I like working with my hands?

  • Do I enjoy working outdoors or indoors?

  • Do I prefer working alone or with others?

  • Do I want to sell a product or a service?

  • Do I want to travel or be centrally located?

  • Do I want an online business or a brick and mortar presence?

  • How much capital to do I have access to?

Step 2 -. Observe

Pay attention to your environment and daily habits:

  • Are there businesses that you frequent on a daily, or almost daily basis?

  • Are there products that you use almost every day?

  • What is it about these businesses or products that you love - convenience, cost, unique products, customer service?

  • Can these businesses or products be improved upon or marketed in a different way or to a different market?

Step 3 - Create Solutions

Think about things that fill a void or solve a problem:

  • What task or life activities frustrates you and can be simplified?

  • Are there certain types of businesses that are not located in your community?

  • Is your neighborhood in need of a bookstore?  Art classes? Mobile car detailer?

  • Carpet cleaner? Bakery? Computer repair shop? Shoe store?

Step 4 - Do Your Research

Once you know have a couple of business ideas, start to do your research:

  • Share your business ideas with your family and friends and ask for feedback

  • Get the opinion of people in your target market

  • Study your competition

  • Understand the role of supply and demand

  • Determine how marketable your business idea is over the long-term

  • Get the advice of other business owners experts in the Black Connect Business Development Forum

Step 5 - Plan to Win!

Enter the FeverPitch competition to win seed funding for your business idea.  Competition begins in April.  Download the Guide to Winning FeverPitch and learn the most common reasons small business don’t survive.

 

Being a business owner is not easy and not for everyone.  It is important that the work you are doing fits your personality, lifestyle, and long-term goals in order to avoid burnout and achieve long-term satisfaction. Find your niche and you will find entrepreneurship to be rewarding beyond measure!

Posted in: Business