Discovering Your New Business Concept
Look For The Opportunities
How do you find a new product or service, considering about 80% of all businesses in the next five years will be new ideas? Here's a few ideas that might help you move toward a winning business idea.
1. Begin With Yourself
Begin with your own abilities, experience, talents, knowledge, background, interest, education, etc. Look carefully at your current work, your current business, your current position, or your current product or service. Seek for what is called your own 'acres of diamonds'. Look right under your own feet.
Look Inside Yourself
Let me ask you a question. What is 'special' about you that might assist you in starting and maintaining a great business? What qualities account for your greatest successes in life so far? What personal qualities and abilities have gotten you to where you are? And how could you apply those qualities and abilities to starting and building a new business?
If you already have a business, ask what are your business's talents, abilities, experience, knowledge, interest, background, etc. What qualities, talents and abilities have enabled your company to succeed to this point? Can you specialize? How can you make a difference?
Start Mastering Strategies For Higher Achievement
There are a number of natural, 'universal laws' that determine success, if followed. Start working towards mastering those laws today. Eliminate de-motivators and limiting self-beliefs, so that you can achieve the best for yourself. You are what you think about, and it has been said that 'who you will be in one year from now, is totally dependent on the people you mix with and the books you read.' Learn more!
2. Identify What You Really Enjoy
Look for a product or service which you can really get excited and enthusiastic about. Sometimes people become successful by transforming or translating their personal interests (hobbies) into a thriving business. You will be most successful working on and marketing something you really love.
Be a champion in your business too. Every business must have a champion. Every product or service must have someone in the business who really, really loves their product or service, and is eager to get out and tell everyone about it.
3.Improve On Something Already In Existence
You might be able to look for something that is an improvement on an already existing product or service, not something brand new. Maybe you can look for something that's cheaper, or better quality, or more convenient. The list goes on. Or that has addiional features or functions. Look for something that improves, enhances and adds value to people's lives.
Remember, improving an existing successful product or service is most often the fastest and surest path to achieving success in business. An idea only needs to be about 10% new and better to capture substantial market share. Brand new products or services can be very risky.
4. Be Willing To Work Hard
The key to finding a new product or service is this. Don't look for easy or fast money. Don't look for gimmicks or useless gadgets. Don't look for get'rich'quick schemes or rewards without working, because there aren't any. Less than 1% of successful businesses have discovered wealth and fame this way.
More people have wasted more time, life and money trying to find quick ways to make fast and easy money than you can possibly imagine. So be willing to put in a lot of hard work before you start making real money in a business. There's a great old saying: "The harder I work, the luckier I feel."
5. Success Takes Time
It takes an average of two years to break even in most businesses, and it can take about three to five years to show a profit. And it can take you almost eight to ten years before you start to generate real cash flow. So your patience is the order of the day. If you're impatient, you'll end up setting yourself further back than you can imagine. Some unique businesses, of course, have achieved amazing success in very short periods of time, but these are definitely exceptions to the rule, and in most cases, we never see the years of preparation (often many mistakes and failures) that proceed their success.
Informed by Dean Bleasdale - Love Your Biz